Quest Diagnostics Reports Strong Q3 Earnings

Quest Diagnostics reported strong third-quarter earnings on October 22, 2024, with revenues of $2.49 billion, surpassing expectations of $2.42 billion, driven by increased demand for diagnostic tests and strategic acquisitions like LifeLabs. The company adjusted its profit forecast to between $8.85 and $8.95 per share, reflecting confidence in future growth despite facing pressure on profit margins due to rising operating costs. Adjusted earnings per share came in at $2.30, slightly above analyst predictions of $2.26, showcasing consistent performance in surpassing earnings estimates. CEO Jim Davis expressed optimism about the company's position for accelerated growth in 2025, with contributions expected from acquisitions and new customer wins. However, the impact of Hurricane Milton is anticipated to affect fourth-quarter revenue by approximately $15 million. Overall, Quest's performance indicates resilience in the diagnostic testing sector amidst challenges.