• Quest Diagnostics Incorporated (NYSE:DGX) reported earnings per share (EPS) of $5.72, significantly surpassing market expectations.
• The company's revenue reached approximately $2.49 billion, beating the estimated $2.42 billion.
• Quest Diagnostics has adjusted its 2024 profit forecast to a range of $8.85 to $8.95 per share, with a full-year revenue forecast between $9.80 billion and $9.85 billion.

Quest Diagnostics Incorporated, listed as NYSE:DGX, is a leading provider of diagnostic information services. The company specializes in laboratory testing and related services, catering to a wide range of healthcare needs. It competes with other major players in the healthcare diagnostics industry, such as LabCorp. On October 22, 2024, DGX reported impressive financial results, significantly surpassing market expectations.

DGX reported earnings per share (EPS) of $5.72, far exceeding the estimated $2.26. This strong performance was reflected in the company's revenue, which reached approximately $2.49 billion, surpassing the estimated $2.42 billion. The robust results were driven by the Diagnostic Information Services (DIS) business and recent acquisitions, as highlighted by Zacks.

The company's stock price rose following the earnings announcement, reaching multi-month highs. DGX shares increased by nearly 2% in pre-market trading. The adjusted EPS for the quarter was $2.30, beating the Zacks Consensus Estimate by 1.8% and improving by 3.6% from the previous year. GAAP earnings were $1.99 per share, marking a 1.5% increase from the same period last year.

Quest Diagnostics has adjusted its 2024 profit forecast to a range of $8.85 to $8.95 per share, slightly narrowing from its previous estimate. The company also raised its full-year revenue forecast to between $9.80 billion and $9.85 billion, exceeding earlier projections. This revised outlook considers the impact of its acquisition of LifeLabs and the effects of Hurricane Milton.

The company's financial metrics provide further insight into its performance. DGX has a price-to-earnings (P/E) ratio of approximately 13.92 and a price-to-sales ratio of about 1.84. The enterprise value to sales ratio is around 2.49, while the enterprise value to operating cash flow ratio is approximately 16.99. The debt-to-equity ratio is about 1.02, and the current ratio is around 1.25, indicating a solid financial position.