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Quest Diagnostics Reports Third Quarter 2010 Financial Results; Updates Guidance for 2010
Date:10/20/2010

0%, compared to 4.4% in the prior year. Days sales outstanding were 43 days, unchanged from the beginning of the year. Cash flow from operations was $330 million compared to $374 million for 2009. During the quarter, the company repurchased $324 million of its common shares and made capital expenditures of $47 million.

Year-to-Date PerformanceFor the first nine months of 2010, income from continuing operations was $556 million, or $3.09 per diluted share, compared to $549 million, or $2.91 per diluted share, for the first nine months of 2009. Revenues of $5.5 billion were 1.1% below the prior year level.

Operating income for the first nine months of 2010 was $1.0 billion, or 18.1% of revenues, compared to $1.0 billion, or 18.3% of revenues, for 2009. Cash from operations was $778 million, compared to $637 million in the first nine months of 2009. Cash provided by operations in 2009 was reduced by the net impact of the NID settlement. During the first nine months of 2010, the company repurchased $750 million of its shares and made capital expenditures of $136 million.

Outlook for the Full-Year 2010 UpdatedFull-year 2010 guidance, before potential special items, is:

  • Earnings per diluted share from continuing operations, $3.95 to $4.00;
  • Revenues, approximately 1.5% below the prior year, versus previous expectation of  approximately 1% below the prior year;
  • Operating income, between 17.5% and 18% of revenues;
  • Cash from operations, approximately $1.1 billion; and
  • Capital expenditures, approximately $200 million.

  • Quest Diagnostics will hold its third quarter conference call on October 20, 2010 at 8:30 a.m. Eastern Time. The public may access the conference call through a live audio webcast available on Quest Diagnostics' Investor Relations Internet site at www.QuestDiagnostics.com/investor. The conference call can also be accessed
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    SOURCE Quest Diagnostics Incorporated
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