Quest Diagnostics (DGX) Tops Q2 EPS by 2c; Reiterates FY Outlook

Quest Diagnostics (NYSE: DGX) reported Q2 EPS of $1.42, $0.02 better than the analyst estimate of $1.40. Revenue for the quarter came in at $1.83 billion versus the consensus estimate of $1.83 billion.

"In one of the most challenging periods in our history, Quest Diagnostics stepped up and rapidly expanded COVID-19 testing for the country and delivered stronger-than-expected performance in the second quarter," said Steve Rusckowski, Chairman, CEO and President, Quest Diagnostics. "Our base testing volume declined versus 2019 because of the pandemic and was partially offset by COVID-19 testing. I am proud of Quest\'s employees who have been on the frontlines of healthcare, answering the call in fighting the COVID-19 pandemic."

Mr. Rusckowski concluded: "Looking forward to the rest of the year, we will continue to expand COVID-19 testing capacity while also continuing to serve our customers as they continue to recover from the pandemic. We have re-established our financial outlook for the remainder of the year with a broad range that reflects uncertainty caused by the pandemic."

GUIDANCE:

Quest Diagnostics continues to eee FY2020 EPS of $6.60-$8.60, versus the consensus of $8.19. Quest Diagnostics sees FY2020 revenue of $8-8.6 billion, versus the consensus of $8.53 billion.

For earnings history and earnings-related data on Quest Diagnostics (DGX) click here.

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