Quest Diagnostics Q3 2021 Earnings Report
Key Takeaways
Quest Diagnostics reported a slight decrease in revenue and earnings per share for the third quarter of 2021 compared to 2020. However, the company raised its full-year outlook due to higher than anticipated COVID-19 testing volumes and continued solid performance in its base business.
Third quarter revenues were $2.77 billion, a 0.4% decrease from 2020.
Reported diluted earnings per share (EPS) for the third quarter were $4.02, a 2.8% decrease from 2020; adjusted diluted EPS was $3.96, a 7.9% decrease from 2020.
Cash provided by operations year-to-date was $1.75 billion, a 19.6% increase from 2020.
The full-year 2021 outlook was raised to reflect higher than anticipated COVID-19 testing volumes and base business performance.
Quest Diagnostics
Quest Diagnostics
Quest Diagnostics Revenue by Segment
Forward Guidance
Quest Diagnostics updated its full year 2021 outlook, projecting net revenues between $10.45 billion and $10.60 billion, reported diluted EPS between $14.69 and $15.09, adjusted diluted EPS between $13.50 and $13.90, cash provided by operations of approximately $2.2 billion, and capital expenditures of approximately $400 million.
Positive Outlook
- Net revenues are projected to be between $10.45 billion and $10.60 billion.
- Net revenues increase is expected to be between 10.7% and 12.3%.
- Reported diluted EPS is projected to be between $14.69 and $15.09.
- Adjusted diluted EPS is projected to be between $13.50 and $13.90.
- Cash provided by operations is expected to be approximately $2.2 billion.