header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather


 
Calendar
Today in
S.C.V. History
April 19
1880 - Pico Oil Spring Mine Section 2 patented by R.F. Baker and Edward F. Beale [story]
E.F. Beale


* Fourth quarter revenues from continuing operations of $1.9 billion, up 7.2% versus prior year

* Adjusted diluted EPS from continuing operations of $1.08, up 4.9% versus prior year

* Reported diluted EPS from continuing operations of $1.26, up 30% versus prior year

* Dividend increased 15% to $0.38 per quarter

* Full year 2015 revenues to grow 2% to 3%

* Full year 2015 adjusted diluted EPS excluding amortization expense expected to be between $4.70 and $4.85

 

questdiagnosticsMadison, N.J. (Jan. 29, 2015) – Quest Diagnostics Inc., the world’s leading provider of diagnostic information services, with a clinical laboratory and service center in Valencia, announced Thursday that for the fourth quarter ended December 31, 2014, adjusted income from continuing operations grew to $158 million, or $1.08 per diluted share, compared to $151 million, or $1.03 per diluted share, for 2013.

For the fourth quarter of 2014, reported income from continuing operations was $185 million, or $1.26 per diluted share.  Income from continuing operations in the fourth quarter of 2014 benefited from the favorable resolution of tax contingencies of $44 million, or $0.30 per diluted share. This benefit was partially offset by $17 million, or $0.12 per diluted share, of charges primarily related to restructuring and integration costs and ongoing efforts to drive operational excellence.  In the fourth quarter of 2013, reported income from continuing operations was $143 million, or $0.97 per diluted share.

Revenues from continuing operations were $1.9 billion for the fourth quarter of 2014, 7.2% higher than the prior year. Organic revenues from continuing operations increased for the fourth quarter by 0.6% compared to the prior year.  Diagnostic information services revenues increased 7.1% compared to a year ago; volume, measured by the number of requisitions, increased 8.8% versus a year ago; and revenue per requisition was 1.5% lower than a year ago.  Excluding acquisitions, revenue per requisition for diagnostic information services was essentially unchanged from a year ago.

For the fourth quarter of 2014, adjusted operating income from continuing operations grew modestly to $283 million, or 15.0% of revenues, compared to $282 million, or 16.1% of revenues, for the fourth quarter of 2013. For the fourth quarter of 2014, reported operating income from continuing operations was $257 million, or 13.7% of revenues, compared to $270 million, or 15.3% of revenues in the fourth quarter of 2013. Cash provided by operations was $303 million in the fourth quarter of 2014.

“We ended 2014 strong, and in the fourth quarter generated growth in revenues and EPS,” said Steve Rusckowski, President and CEO.  “The 2015 outlook we are providing today is based on our expectations for strengthening operational performance and an improving business environment.  Further, based on our ability to continue to generate strong cash flow, today we are announcing the  fourth increase in our dividend since 2011.”

 

Full Year 2014 Performance

Revenues from continuing operations were $7.4 billion for the full year 2014, an increase of 4% compared to the prior year. Adjusted income from continuing operations was $598 million, or $4.10 per diluted share, compared to $612 million, or $4.00 per diluted share, in 2013.

Reported income from continuing operations for the full year 2014 was $551 million, or $3.78 per diluted share.  In 2013, reported income from continuing operations was $814 million, or $5.31 per diluted share, including a gain of approximately $300 million on the sale of ibrutinib royalty rights.

Adjusted operating income from continuing operations for the full year 2014 was $1.1 billion, or 15.0% of revenues, compared to $1.2 billion, or 16.2% of revenues, for 2013. Reported operating income from continuing operations was $983 million, or 13.2% of revenues, compared to $1.5 billion, or 20.6% of revenues, in 2013. Cash from operations was $938 million for the full year 2014. Capital expenditures for 2014 were $308 million.

 

Dividend Increased

Quest Diagnostics’ Board of Directors authorized a 15% increase in its quarterly dividend from $0.33 to $0.38 per share, or $1.52 per share annually, payable on April 22, 2015, to shareholders of record of Quest Diagnostics common stock on April 8, 2015.

 

Outlook for Full Year 2015

At its November 5, 2014 Investor Day the company indicated it would begin to present adjusted diluted EPS excluding amortization expense, which the company believes provides investors with better insight into its underlying operating performance.  As a result, the company’s presentation of 2015 adjusted diluted EPS guidance described below excludes the impact of special items and amortization expense.  For the full year 2014, adjusted diluted EPS excluding amortization expense was $4.50.

For 2015, the company estimates results from continuing operations, before special items as follows:

* Revenues to increase approximately 2% to 3%, compared to 2014;

* Adjusted diluted EPS excluding amortization expense to be between $4.70 and $4.85;

* Cash provided by operations to approximate $850 million; and

* Capital expenditures to approximate $300 million

 

Note on Non-GAAP Financial Measures

As used in this press release, for the purpose of earnings the term “adjusted” refers to the operating performance measures that exclude the gain on sale of ibrutinib royalty rights, restructuring and integration charges, favorable resolution of tax contingencies, loss on sale of the Enterix business and other items. For 2015 guidance and the presentation of 2014 full year results, adjusted diluted EPS excluding amortization expense represents the Company’s results before the impact of special items and amortization expense. Adjusted measures are presented because management believes those measures are useful adjuncts to reported results under accounting principles generally accepted in the United States.  Adjusted measures should not be considered as an alternative to the corresponding measures determined under accounting principles generally accepted in the United States.

The attached tables include reconciliations of adjusted operating performance measures to measures reported under accounting principles generally accepted in the United States.

 

questdiagnosticslogoAbout Quest Diagnostics

Quest Diagnostics is the world’s leading provider of diagnostic information services needed to make better healthcare decisions. The company offers the broadest access to diagnostic testing services through its network of laboratories and patient service centers, and provides interpretive consultation through its extensive medical and scientific staff. Quest Diagnostics is a pioneer in developing innovative diagnostic tests and advanced healthcare information technology solutions that help improve patient care. Additional company information is available at QuestDiagnostics.com.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
Hello Auto Group has announced its partnership with the Santa Clarita Veteran Services Collaborative for the second annual Military Spouse Appreciation Event. This event, dedicated to honoring military spouses, will take place on Military Spouse Appreciation Day Friday, May 10, from 10 a.m. to 2 p.m. at the Anthony Vince Nail Spa at 24250 Town Center Drive #140, Valencia, CA 91355.
May 10: Second Annual SCV Military Spouse Appreciation Event
The Santa Clarita Artists Association has announced the 2024 scholarship award recipients. These deserving individuals have shown excellence in their high school art education and shared their plans to continue their artistic endeavors.
SCAA Announces 2024 Scholarship Award Honorees
The Valley Industry Association of Santa Clarita is set to ignite innovation and transformation with its VIA Workforce Development Conference 2024 at the Hyatt Regency Valencia on Thursday, May 16. Jorge Marquez, chairman of the Los Angeles County Workforce Development Board, has been added to the list of speakers appearing at the event. He will serve as the opening speaker at the conference.
May 16: VIA Adds County Leader to Workforce Development Speakers List
The city of Santaw Clarita will host the Free To Be Me Festival for its third year at an exciting new location. On Sunday, May 5, from noon to 3 p.m., celebrate Santa Clarita’s special needs communities and their families at West Creek Park, 24247 Village Circle Drive, Valencia, CA 91354.
May 5: ‘Free to Be Me Festival’ at West Creek Park
The Los Angeles County Department of Economic Opportunity and its regional partners have held the first of several upcoming rapid response events to urgently connect soon-to-be laid off local workers, impacted by the recent bankruptcy and closure of dozens of local 99 Cents Only Stores, to critical workforce services.
L.A. County Offers Help for Workers of 99 Cents Only Stores
Youth in Los Angeles County foster care as young as 13 can open their own checking and savings accounts without an adult co-owner through the Youth Access Banking program.
Foster Youth Access Banking Program Available in L.A. County
The Santa Clarita City Council will hold a regular meeting on Tuesday, April 23 at 6 p.m. The council will meet at City Hall, City Council Chambers, Items on the agenda include: Measure H funding, awarding construction contracts for traffic improvements and updating criteria for speed hump installation or removal.
April 23: City Council to Discuss Measure H Funds, Traffic Improvements
Visit Vasquez Rock Natural Area and Nature Center for a Day at The Rocks, a family fun event and tribal celebration of the Village of Mapipinga. A Day at The Rocks will be held Saturday, April 27 from 10 a.m. to 2 p.m.
April 27: Day at The Rocks Family Fun Event
Princess Cruises, headquartered in Valencia, and ship builder Fincantieri of Monfalcone, Italy have announced the mutual decision to postpone the delivery of the next Sphere Class ship, Star Princess.
Princess Cruises Postpones Delivery of Star Princess, Inaugural Cruises Cancelled
1880 - Pico Oil Spring Mine Section 2 patented by R.F. Baker and Edward F. Beale [story]
E.F. Beale
The Master's University men's golf team shot a 13-under 275 to finish second at the Golden State Athletic Conference Men's Golf Championships held at Briarwood Country Club in Sun City West, Ariz.
TMU Men’s Golf Places 2nd, Women 5th at GSAC Championships
Join local nonprofit Project Sebastian for an exhilarating day of racing and community support at its Rare Warrior 24 race on Saturday, June 1, at Heritage Park in the heart of Santa Clarita.
June 1: Rare Warrior 24 Race Benefiting Project Sebastian
Santa Clarita Valley Sheriff's Station Station deputies will be taking part in the “DEA National Drug Take Back Day,” Saturday, April 27, from 10 a.m. to 2 p.m., in front of the SCV Sheriff’s Station, located at 26201 Golden Valley Road.
April 27: Drug Take Back Day at SCV Sheriff’s Station
The College of the Canyons Center for Civic and Community Engagement—in collaboration with COC’s Golden Z Club—invites the community to attend the Nonprofit Community Resource Fair on Tuesday, April 30.
April 30: COC Hosts Nonprofit Community Resource Fair
College of the Canyons made quick work of visiting L.A. Valley College in a shortened 11-3 home victory that came on a day in which the program unveiled its newly named Michele Jenkins Softball Team Room during a pre-game dedication ceremony.
Lady Cougs Outslug L.A. Valley 11-3
For aspiring scientists at The Master’s University, taking up a student research project is no small commitment.
Retired Professor Continues to Mentor Aspiring TMU Scientists
The Los Angeles County Department of Public Health is warning residents not to use a Vietnamese herbal ointment called “Cao Bôi Trĩ Cây Thầu Dầu” (Castor Oil Hemorrhoid Extract) because it contains lead and can be fatal.
Public Health Urges Residents to Avoid Vietnamese Hemorrhoid Cream
State Superintendent of Public Instruction Tony Thurmond hosted a California Apprenticeship Summit Wednesday to raise awareness of apprenticeship opportunities and career technical education pathways that connect California’s youth to high-wage, high-growth career opportunities.
State Apprenticeship Summit Connects Youth to High-Wage Opportunities
College of the Canyons student-athletes Nichole Muro (softball) and Angelo Aleman (baseball) have been named the COC Athletic Department's Women's and Men's Student-Athletes of the Week for the period running April 8-13.
COC Names Nichole Muro, Angelo Aleman Athletes of the Week
California State Sen. Scott Wilk, R-Santa Clarita, announced Wednesday his bill improving transparency between parents and schools’ sexual education curricula passed out of the Senate Education Committee.
Wilk’s Sex Education Transparency Bill Clears Senate Committee
1945 - Actors Harry & Olive Carey sell Saugus ranch after 29 years; now Tesoro del Valle [story]
Carey Ranch
The 76.6-mile-long Antelope Valley Line has the third-highest ridership in Metrolink’s system with an estimated average of 9,000 passengers daily. However, the uneven terrain and single-tracking along the line in some areas forces trains to travel at a slower speed which results in an estimated travel time of approximately one hour between Santa Clarita and Union Station.
Metrolink to Hold Public Meetings on AV Line Capacity, Improvements
Team Dragon Eyes, affectionately known as TDE, is gearing up to host its highly anticipated Fifth Annual Dragonboat Festival race on Saturday, June 1 at Castaic Lake, Lower Lagoon.
June 1: Team Dragon Eyes to Host Fifth Annual Dragonboat Festival Race
This year marks the 20th year that the city of Santa Clarita has been hosting the annual Bike to Work Challenge. The community is invited to celebrate by riding a bike to work the week of May 13, and stopping by a pit stop on Thursday, May 16.
Party at the Pit Stop, City Paves Way for 20th Annual Bike to Work Challenge
SCVNews.com