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Dec 31, 2023
Quest Diagnostics Q4 2023 Earnings Report
Quest Diagnostics' Q4 2023 financial performance reflected a decrease in revenue compared to the previous year, but an increase in earnings per share.
Key Takeaways
Quest Diagnostics reported a slight decrease in Q4 revenue by 1.9% year-over-year, totaling $2.29 billion. However, the company saw a significant increase in reported diluted EPS, up 95.4% to $1.70, and an adjusted diluted EPS increase of 8.6% to $2.15. The base business revenues increased by 4.7% to $2.25 billion, while COVID-19 testing revenues decreased by 79.8% to $37 million.
Q4 revenues decreased by 1.9% to $2.29 billion.
Reported diluted EPS increased by 95.4% to $1.70.
Adjusted diluted EPS increased by 8.6% to $2.15.
Base business revenues increased by 4.7% to $2.25 billion.
Forward Guidance
Quest Diagnostics expects full year 2024 reported diluted EPS to be between $7.69 and $7.99, and adjusted diluted EPS to be between $8.60 and $8.90. They estimate net revenues between $9.35 billion and $9.45 billion. Cash provided by operations is expected to be approximately $1.3 billion, and capital expenditures approximately $420 million.
Positive Outlook
- Net revenues are expected to increase between 1.1% and 2.1%.
- Reported diluted EPS is expected to be between $7.69 and $7.99.
- Adjusted diluted EPS is expected to be between $8.60 and $8.90.
- Cash provided by operations is expected to be approximately $1.3 billion.
- The company has raised its dividend annually since 2011.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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