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Quest Diagnostics Reports Growth in Revenue and Earnings for Third Quarter 2008
Date:10/21/2008

n principle with the Office of the United States Attorney for the Eastern District of New York to settle the previously disclosed federal government investigation. The agreement in principle provides for a comprehensive settlement of federal claims. NID, which was closed in 2006, is expected to enter a guilty plea to a single count of felony misbranding. The terms of the settlement are subject to the final negotiation and execution of definitive agreements.

As a result of the agreement in principle, during the third quarter, the company recorded a charge of $73 million in discontinued operations to increase its reserves for the settlement and related matters, bringing the total reserve for these matters to $314 million, the company's best estimate of the expected probable loss. The company reported a loss from discontinued operations, net of taxes, of $49 million or $0.25 per diluted share for the quarter. See footnote 6 to the attached tables.

Outlook for 2008

For the full year 2008, the company now expects results from continuing operations as follows: adjusted earnings per diluted share of between $3.17 and $3.22, compared to the previous range of $3.10 to $3.20; revenue growth of greater than 8%, and operating income to approach 17% of revenues. Over the same period, the company expects cash from operations to approximate $900 million and capital expenditures of between $200 million and $220 million. These estimates exclude the third quarter impact of an equity investment write-down and hurricanes, and potential special charges.

Quest Diagnostics will hold its third quarter conference call on October 21, 2008 at 8:30 A.M. Eastern Time. A simulcast of the call is available by dialing 415-228-4961, passcode 3214469 and via the Internet at: http://www.questdiagnostics.com. Registered analysts may access the call at: http://www.
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SOURCE Quest Diagnostics Incorporated
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