Quest Diagnostics Q3: 7.7% Topline Decline, Earnings Beat, Updated Guidance & More
Portfolio Pulse from Nabaparna Bhattacharya
Quest Diagnostics Incorporated (NYSE:DGX) reported Q3 FY23 adjusted EPS of $2.22, down 5.9% Y/Y, beating the consensus of $2.19. Sales were $2.295 billion, a decline of 7.7% Y/Y, higher than the Wall Street estimate of $2.27 billion. COVID-19 testing revenues slumped 92% to $26 million, while base business revenues improved 4.6% to $2.27 billion. The company raised its FY23 revenue guidance to $9.19 billion-$9.24 billion vs. consensus of $9.18 billion.
October 24, 2023 | 2:38 pm
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Quest Diagnostics reported a decline in Q3 FY23 earnings and sales but beat consensus estimates. The company raised its FY23 revenue guidance, which may positively impact the stock.
Despite a decline in earnings and sales, Quest Diagnostics beat consensus estimates and raised its FY23 revenue guidance. This indicates a strong performance and positive outlook, which are likely to be viewed favorably by investors and could lead to an increase in the stock price.
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