Burlington-based Labcorp reported Thursday that it beat Wall Street estimates for third-quarter profit and revenue. Shares traded around 8.5% higher early morning, up $18.65, to $238.55. The company’s 52-week high is $239.50.
Labcorp’s sales rose 7.4% to $3.28 billion in the third quarter, beating Zacks Consensus Estimate of $3.26 billion. On an adjusted basis, the company earned $3.50 per share, above Zacks estimates of $3.49.
Strong performance in diagnostic and biopharma testing led to “robust organic growth in the third quarter,” CEO Adam Schechter said in a statement. “Our results demonstrate momentum in our core businesses as we introduced new tests, and extended our leadership position in specialty testing.”
Labcorp reduced the top end of its 2024 adjusted profit forecast to $14.70 per share from $14.90. The company kept the low end of the forecast at $14.30.