Quest Diagnostics 3Q Profit Falls
Earnings rose to $98 million, or 50 cents per share, from $160.5 million, or 80 cents per share, during the same period a year prior. Revenue rose 12 percent to $1.77 billion from $1.58 billion.
During the quarter, Quest initiated talks about a settlement with the government over its investigation of NID, a test kit manufacturing unit closed in 2006. The investigation started in 2004. Excluding a reserve of $51 million, the company earned 77 cents per share in the latest quarter.
Analysts polled by Thomson Financial expected profit of 76 cents on revenue of $1.75 billion.
The purchase of cancer diagnostics company AmeriPath in May this year boosted consolidated revenue by 13 percent, the company said. Clinical testing revenue rose 10.6 percent.
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