Quest Diagnostics Inc. (DGX) reported that its first-quarter net income attributable common stockholders declined to $135.8 million or $0.85 per share, from $159.1 million or $0.99 per share in the same quarter last year.
For the first quarter of 2013, reported income from continuing operations was $116 million, or $0.72 per diluted share, compared to $156 million, or $0.97 per share, in 2012. Income from continuing operations in the first quarter of 2013 was reduced by $45 million, or $0.17 per share, related to restructuring and integration costs. In the first quarter of 2012, income from continuing operations was reduced by $0.08 per share related to restructuring, integration and CEO succession costs.
Adjusted income from continuing operations was $143 million, or $0.89 per share, compared to $169 million, or $1.05 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.03 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter declined to $1.79 billion from $1.91 billion in the prior year quarter. Nineteen analysts had consensus revenue estimate of $1.86 billion for the quarter.
Looking ahead to fiscal 2013, the company still expects earnings to be between $4.35 and $4.55 per share.
Revenues for fiscal 2013 now expected to be approximate the prior year level, compared to previous guidance of 0% to 1% growth.
Analysts expect the company to report earnings of $4.41 per share on revenues of $7.38 billion for fiscal 2013.
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