Quest Diagnostics Stock Falls on Lower Q2 Revenue and Profits from Lower Productivity Effects, Tightened Outlook
Portfolio Pulse from Vandana Singh
Quest Diagnostics Inc (NYSE:DGX) reported Q2 FY23 adjusted EPS of $2.30, down 2.5% Y/Y, beating the consensus of $2.27. Sales were $2.34 billion, a decline of 4.7% Y/Y, higher than the estimate of $2.25 billion. COVID-19 testing revenues slumped 88% to $41 million, while base business revenues improved 9.5% to $2.29 billion. The company revised its FY23 revenue guidance to $9.12 billion-$9.22 billion. DGX shares are down 4.35% at $138.61.
July 26, 2023 | 2:21 pm
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Quest Diagnostics reported lower Q2 FY23 earnings and sales, but beat consensus estimates. The company revised its FY23 revenue guidance upwards. However, DGX shares fell 4.35%.
Despite beating consensus estimates, Quest Diagnostics reported lower earnings and sales for Q2 FY23, which likely contributed to the decline in its stock price. The company's upward revision of its FY23 revenue guidance may have a positive impact in the longer term, but it seems that the market reacted negatively to the earnings report in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100