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Quest Diagnostics Raises FY20 Outlook - Quick Facts

Quest Diagnostics Inc. (DGX), a provider of diagnostic information services, raised its financial outlook for full year 2020.

The company stated that COVID-19 molecular testing volumes have been significantly higher than the previous outlook contemplated. Organic testing volumes ordered in the company's base business remained relatively steady, down mid-to-high single digits versus the prior year in October and November, consistent with the company's previous outlook.

The company now projects earnings per share for full year 2020 to be at least $9.98 compared to the previous outlook of $8.22-$9.22 per share.

The company now expects adjusted earnings per share for full year 2020 to be at least $10.75 compared to the previous outlook of $9.00-$10.00 share. Analysts polled by Thomson Reuters expected the company to report earnings of $10.16 per share for fiscal year 2020. Analysts' estimates typically exclude special items.

The company raised its annual revenues outlook to at least $9.35 billion from the previous outlook of $8.8 billion-$9.1 billion. Analysts expect annual revenues of $9.1 billion.

Cash provided by operations for full year 2020 is expected to be at least $1.95 billion compared to the previous outlook of at least $1.75 billion.

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