Laboratory Corporation Of America® Holdings Announces 2008 First Quarter Results
Burlington, NC, April, 24, 2008 - Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) today announced results for the quarter ended March 31, 2008.
First Quarter ResultsNet earnings increased to $130.3 million, compared to first quarter 2007 net earnings of $122.5 million. Earnings per diluted share (EPS) increased 16.3% to $1.14, compared to $0.98 in the first quarter of 2007. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $285.5 million for the quarter, or 25.9% of net sales.
Revenues for the quarter were $1,103.2 million, an increase of 10.5% compared to the same period in 2007. Compared to the first quarter of 2007, testing volume, measured by accessions, increased 8.6%, and price increased 1.9%. Excluding the consolidation of the Company's Ontario Canada joint venture, revenue increased 4.1% with volume increasing 1.6% and price increasing 2.5%.
Operating cash flow for the quarter was $176.5 million, net of $13.0 million in transition payments to UnitedHealthcare. The balance of cash and short-term investments at the end of the quarter was $50.1 million, and there was $20 million outstanding under the Company's revolving credit facility. During the quarter, the Company repurchased $55.7 million of stock, representing 0.7 million shares. As of March 31, 2008, approximately $370.1 million of repurchase authorization remained under the Company's approved repurchase plan.
"We are pleased with our first quarter results." said David P. King, Chief Executive Officer. "Through a combination of volume and price growth, along with disciplined expense control, we continued our consistent trend of growing both EBITDA and EPS."
Burlington, NC, April, 24, 2008 - Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) today announced results for the quarter ended March 31, 2008.
First Quarter ResultsNet earnings increased to $130.3 million, compared to first quarter 2007 net earnings of $122.5 million. Earnings per diluted share (EPS) increased 16.3% to $1.14, compared to $0.98 in the first quarter of 2007. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $285.5 million for the quarter, or 25.9% of net sales.
Revenues for the quarter were $1,103.2 million, an increase of 10.5% compared to the same period in 2007. Compared to the first quarter of 2007, testing volume, measured by accessions, increased 8.6%, and price increased 1.9%. Excluding the consolidation of the Company's Ontario Canada joint venture, revenue increased 4.1% with volume increasing 1.6% and price increasing 2.5%.
Operating cash flow for the quarter was $176.5 million, net of $13.0 million in transition payments to UnitedHealthcare. The balance of cash and short-term investments at the end of the quarter was $50.1 million, and there was $20 million outstanding under the Company's revolving credit facility. During the quarter, the Company repurchased $55.7 million of stock, representing 0.7 million shares. As of March 31, 2008, approximately $370.1 million of repurchase authorization remained under the Company's approved repurchase plan.
"We are pleased with our first quarter results." said David P. King, Chief Executive Officer. "Through a combination of volume and price growth, along with disciplined expense control, we continued our consistent trend of growing both EBITDA and EPS."
2008 Outlook
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