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Updated: 11/9/2009 4:03 PM					Sponsored by:
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Quest Diagnostics raises 2009 profit forecast

By Associated Press
April 21, 2009 | Comments (0)

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Medical lab operator Quest Diagnostics Inc. raised its profit forecast Tuesday, expecting greater income due to more profitable testing, as well as a one-time insurance recovery.

Quest said it expects to earn $3.65 to $3.75 per share this year, up from a prior goal of $3.50 to $3.70 per share. That estimate includes a benefit of 5 cents per share in the second quarter from an insurance recovery. Quest expects revenue to grow 3 percent, which implies a total of about $7.47 billion.

According to Thomson Reuters, analysts expected a profit of $3.59 per share and $7.46 billion

Also on Tuesday, Quest reported a larger-than-expected profit for the first quarter. While its overall testing volume decreased, the company said it performed greater amounts of profitable tests for illnesses including cancer.

In afternoon trading, Quest shares gained $2.22, or 4.4 percent, to $52.72.

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