Laboratory Corporation of America(R) Holdings Announces 2008 Second Quarter Results
Growth in Testing Volume and Price Drives Industry-Leading Margins and $194.7 Million in Operating Cash Flow
BURLINGTON, N.C.--(BUSINESS WIRE)--July 24, 2008--Laboratory Corporation of America(R) Holdings (LabCorp(R)) (NYSE: LH) today announced results for the quarter ended June 30, 2008.
Second Quarter Results
Net earnings were $104.2 million, compared to second quarter 2007 net earnings of $128.7 million. Excluding restructuring and other special charges recorded in 2008 and 2007, net earnings increased to $140.1 million. Earnings per diluted share (EPS) were $0.92, compared to $1.05 in the second quarter of 2007. Excluding restructuring and other special charges recorded in 2008 and 2007, EPS increased 13.8% to $1.24. Earnings before interest, taxes, depreciation, amortization, and restructuring and other special charges (EBITDA) were $301.1 million for the quarter, or 26.2% of net sales.
Revenues for the quarter were $1,147.8 million, an increase of 10.0% compared to the same period in 2007. Compared to the second quarter of 2007, testing volume, measured by accessions, increased 9.0%, and price increased 1.0%. Excluding the consolidation of the Company's Ontario, Canada joint venture, revenue increased 3.6% with volume increasing 1.3% and price increasing 2.3%.
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