Quest Diagnostics Inc. (DGX) shares are declining on Wednesday morning trade after the company said it expects fourth-quarter revenue and earnings per share to decline from the previous year.
The diagnostic information services company noted that its fourth-quarter revenue of $2.74, compared to $3.00 billion last year.
The company expects earnings per share for the fourth quarter to be $3.12 compared to $4.21 in 2020, while adjusted earnings is expected to be $3.33, compared to $4.48 in the fourth quarter of 2020.
The company said fourth-quarter results reflect higher than expected demand for COVID-19 testing services, while base testing volumes remained steady.
For the full year 2021, Quest Diagnostics expects revenue to be approximately $10.79 billion, an increase of 14 percent from $9.44 billion in 2020.
Earnings per share for the full year is expected to be $15.55 compared to $10.47 in 2020 and adjusted earnings is expected to be $14.24, compared to $11.18 in 2020.
Currently, shares are trading at $150.78, down 5 percent from the previous close of $157.88 on a volume of 540,375. For the 52-week period, the shares have traded in a range of $1113.36-$174.16 on average volume of 1,232,661.
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