October 20, 2005

 

 

BURLINGTON, N.C. - Laboratory Corp. of America Holdings posted a small increase in earnings in the third quarter, though earnings in the latest quarter were hurt by lost revenue due to hurricanes.

In a press release, the company said net income rose to $94.7 million or 66 cents a share from $92.6 million or 63 cents a year earlier. The latest quarter was reduced by 2 cents a share due to the hurricanes that hit the Gulf coast.

Excluding items, earnings were 70 cents a share in the latest quarter versus 63 cents a year earlier.

The Thomson First Call mean estimate was for earnings of 72 cents a share in the latest quarter.

Sales rose 9.1 percent to $852.9 million from $781.5 million. The company said higher testing volume accounted for 2.1 percent and higher prices accounted for 7 percent.

During the third quarter, the company repurchased about 1.6 million common shares for $78.7 million, and repaid $57 million of borrowings under its revolving line of credit.

LabCorp develops diagnostic technologies