Labcorp Third-Quarter Results

(Reuters) – Laboratory operator Labcorp on Thursday beat Wall Street estimates for third-quarter profit and revenue, driven by demand for diagnostic tests.

Diagnostic checkups have increased in recent quarters as many people, particularly older adults, have returned for surgeries that were postponed during the pandemic.

However, the company has adjusted its 2024 profit forecast, lowering the top-end estimate from $14.90 to $14.70 per share, citing about a 15 cent impact from weather-related disruptions, while maintaining the lower end at $14.30.

According to analysts, the average expected profit for the period is $14.56 per share, based on data compiled by LSEG.

Labcorp's sales rose 7.4% to $3.28 billion year-over-year, surpassing analysts' average estimate of $3.26 billion.

On an adjusted basis, Labcorp reported a third-quarter profit of $3.50 per share, exceeding estimates of $3.48 per share.