Quest Diagnostics Q4 revenue down 15% to $2.33B; base business up 6.3%; raises dividend 7.6%

QUEST DIAGNOSTICS INC

2022-FY EPS reported $7.97 revenue$9,883,000,000

Q4 reported net revenues $2.33B (-15% YoY); base business revs $2.15B (+6.3%); COVID revs $184M (-74.6%).
Q4 reported diluted EPS $0.87 (down 72.1%); adjusted diluted EPS $1.98 (down 40.5%).
Full year 2022 net revenues $9.88B (-8.4%); base business revs $8.43B (+5.1%); COVID revs $1.45B (-47.5%).
FY2023 guidance: net revs $8.83-9.03B; base business up 2.6-3.8%; adjusted EPS $8.40-$9.00.
Board increased quarterly dividend 7.6% to $0.71 (payable Apr 24) and authorized additional $1B share repurchase.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

QUEST DIAGNOSTICS INC reported Full year 2023 results: revenue $8.83 billion $9.03 billion, EPS $7.61 $8.21. Guidance initiated.

Period: Full year 2023
Revenue: $8.83 billion $9.03 billion
EPS: $7.61 $8.21
Guidance: initiated
Result: guidance update

Exact text from the filing

We estimate full year 2023 guidance as follows: Low High Net revenues $8.83 billion $9.03 billion Net revenues decrease (10.7)% (8.6)% Base business revenues (a) $8.65 billion $8.75 billion Base business revenues increase 2.6% 3.8% COVID-19 testing revenues $175 million $275 million COVID-19 testing revenues decrease (88.0)% (81.1)% Reported diluted EPS $7.61 $8.21 Adjusted diluted EPS $8.40 $9.00 Cash provided by operations At least $1.3 billion Capital expenditures Approximately $400 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

QUEST DIAGNOSTICS INC reported Three Months Ended December 31, 2022 results: revenue $2.33 billion, net income $101 million, EPS $0.87.

Period: Three Months Ended December 31, 2022
Revenue: $2.33 billion
Net income: $101 million
EPS: $0.87
Result: reported results

Exact text from the filing

Fourth quarter revenues of $2.33 billion, down 15.0% from 2021 • Fourth quarter reported diluted earnings per share ("EPS") of $0.87, down 72.1% from 2021; and adjusted diluted EPS of $1.98, down 40.5% from 2021

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

QUEST DIAGNOSTICS INC reported Full year ended December 31, 2022 results: revenue $9.88 billion, net income $946 million, EPS $7.97.

Period: Full year ended December 31, 2022
Revenue: $9.88 billion
Net income: $946 million
EPS: $7.97
Result: reported results

Exact text from the filing

Full year revenues of $9.88 billion, down 8.4% from 2021 • Full year reported diluted EPS of $7.97, down 48.7% from 2021; and adjusted diluted EPS of $9.95, down 30.1% from 2021

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Source: SEC EDGAR

accession 0001022079-23-000006

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