Quest Diagnostics Inc. (DGX) announced a decline in its third-quarter profit, which decreased by 12.2% to $225 million, or $1.96 per share, from $256 million, or $2.17 per share, in the same period last year. Despite the drop, adjusted third-quarter profit still managed to surpass expectations, coming in at $2.22 per share compared to the FactSet consensus estimate of $2.19 per share.
Revenue Declines by 7.7%
The medical products company's revenue also experienced a decline of 7.7%, totaling $2.295 billion for the quarter. This figure outperformed the analyst estimate of $2.269 billion.
Future Outlook and Projections
Quest Diagnostics provided an outlook for adjusted earnings in 2023, expecting a range of $8.65 to $8.75 per share. This estimate slightly deviates from the analyst consensus of $8.71 per share. Additionally, the company projected a revenue range of $9.19 billion to $9.24 billion, compared to the Wall Street expectation of $9.18 billion.
Quest Diagnostics stock did not trade in the pre-market session. However, it is important to note that the stock has declined approximately 22% in 2023, whereas the S&P 500 has witnessed a gain of 9.8%.
In summary, Quest Diagnostics reported a decrease in third-quarter profit and revenue. Nonetheless, the adjusted profit exceeded expectations, and the company provided its outlook for 2023 earnings and revenue projections.