LabCorp falls after cutting 2008 forecasts

Clinical laboratory services provider Laboratory Corp. of America Holdings cut its profit and revenue expectations Thursday, and its shares fell to their lowest price in almost two years.

LabCorp now expects a profit of $4.54 to $4.66 per share in 2008, and it expects revenue to grow between 10.3 percent and 11.3 percent _ or $4.49 billion to $4.6 billion. In April, LabCorp said it expected to earn between $4.74 and $4.90 per share, on revenue growth of 13 to 14 percent, or $4.6 billion to $4.65 billion.

The company posted $4.07 billion in revenue in 2007.

Analysts had estimated an average profit of $4.82 per share on $4.56 billion in revenue, according to Thomson Financial.

Shares declined $4.55, or 6.4 percent, to $67.10 in afternoon trading. Earlier LabCorp stock fell to $65, which was its lowest price since Aug. 1, 2006.

LabCorp also reported second-quarter results that were generally on par with Wall Street's estimates.