Last $105.77 USD
Change Today -0.66 / -0.62%
Volume 594.4K
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As of 8:04 PM 08/27/14 All times are local (Market data is delayed by at least 15 minutes).

laboratory crp of amer hldgs (LH) Key Developments

LabCorp to Cut 57 Birmingham Jobs

LabCorp has plans to eliminate up to 57 jobs at its Birmingham office. According to a filing with the Alabama Department of Economic and Community Affairs, the reduction does not involve the closure of its Birmingham facility. The company's filing said the start date for the layoffs is Oct. 15.

LabCorp Announces the Availability of InformaSeq(SM) Non-Invasive Prenatal Test

Laboratory Corporation of America Holdings announced the availability of the informaSeq Prenatal Test. The informaSeq Prenatal Test is an advanced, non-invasive, next-generation prenatal screening assay that can assess risk for multiple fetal chromosomal aneuploidies, or abnormalities in the number of chromosomes, from a single maternal blood draw. There are testing options for several additional common sex-related aneuploidies. The test is offered through Integrated Genetics, part of the LabCorp Specialty Testing Group of laboratories that offer advanced esoteric and genomic testing. In addition to the informaSeq Prenatal Test, Integrated Genetics offers a full complement of reproductive genetic screening and diagnostic options to support a physician's pregnancy management protocols.

Laboratory Corporation of America Holdings Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for the Full Year 2014

Laboratory Corporation of America Holdings announced consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $1,516.4 million, an increase of 3.3% over last year's $1,468.2 million. The increase in sales was the result of test volume, measured by requisitions, and fold-in acquisitions, which was partially offset by mix. Operating income for the quarter was $246.7 million, compared to $269.3 million in the second quarter of 2013. The company recorded restructuring and special items of $6.7 million during the second quarter of 2014, compared to $6.6 million in the second quarter of 2013. Adjusted operating income (excluding restructuring and special items) for the quarter was $253.4 million, or 16.7% of sales, compared to $275.9 million in the second quarter of 2013, or 18.8% of sales. The decline in operating income was due to mix, cost inflation and an increase in bad debt expense, which was partially offset by increased volume and improved productivity. Earnings before income taxes were $232.5 million against $250.0 million a year ago. Net earnings attributable to the company were $141.3 million and earnings per diluted share (EPS) were $1.64, compared to $151.9 million and $1.62, respectively, in the second quarter of 2013. EPS benefitted from a $0.06 per share gain on the sale of an investment as well as the company's share repurchase program. Adjusted EPS (excluding amortization, restructuring and special items) was $1.84 in the second quarter, compared to $1.80 in the second quarter of 2013. Net cash provided by operating activities for the quarter was $207.4 million, compared to $137.6 million in the second quarter of 2013, as the company benefitted from improved working capital. Capital expenditures totaled $48.1 million, compared to $48.8 million in the second quarter of 2013. Free cash flow (operating cash flow less capital expenditures) was $159.3 million, compared to $88.8 million in the second quarter of 2013. For the year-to-date, the company reported net sales of $2,947.1 million, an increase of 1.3% year over year last year's $2,909.1 million. The increase in sales was the result of fold-in acquisitions and test volume measured by requisitions, which was partially offset by mix. Operating income was $450.0 million, compared to $531.3 in 2013. The company recorded restructuring and special items of $14.3 million during the first half of 2014, compared to $14.1 million in the first half of 2013. Adjusted operating income was $464.3 million, or 15.8% of sales, compared to $545.4 in the first half of 2013, or 18.8% of sales. The decline in operating income was due to mix, cost inflation and an increase in bad debt expense, which was partially offset by increased volume and improved productivity. Earnings before income taxes were $420.2 million against $491.4 million a year ago. Net earnings attributable to the company were $254.4 million and EPS were $2.94 in the first half of 2014, compared to $299.2 million and $3.18, respectively, in the first half of 2013. EPS benefitted from a $0.11 per share gain on the sale of an investment as well as the company's share repurchase program. Adjusted EPS was $3.35, compared to $3.53 in the first half 2013. Net cash provided by operating activities for the first half of 2014 was $349.7 million, compared to $335.8 million in the first half of 2013, as the company benefitted from improved working capital. Capital expenditures totaled $104.6 million in the first half of 2014, compared to $90.5 million in the first half of 2013. Free cash flow was $245.1 million in the first half of 2014, compared to $245.3 million in the first half of 2013. The company provided earnings guidance for the full year 2014. For the year, the company expects revenue growth in 2014 of approximately 2.0% over 2013. Adjusted EPS expected to be in the range of $6.50 to $6.75 compared with prior guidance of $6.40 to $6.70, which excludes the impact of any share repurchase activity after June 30, 2014. Operating cash flow expected to be in the range of $780 million to $820 million. Capital expenditures expected to be in the range of $185 million to $205 million and free cash flow of $575 million to $635 million.

Laboratory Corp. of America Holdings to Report Q2, 2014 Results on Jul 18, 2014

Laboratory Corp. of America Holdings announced that they will report Q2, 2014 results Pre-Market on Jul 18, 2014

Laboratory Corp. of America Holdings, Q2 2014 Earnings Call, Jul 18, 2014

Laboratory Corp. of America Holdings, Q2 2014 Earnings Call, Jul 18, 2014

 

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Price/Earnings 17.7x
Price/Sales 1.5x
Price/Book 3.4x
Price/Cash Flow 14.7x
TEV/Sales 0.9x
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