LH - Why Labcorp Stock Sank by Almost 6% on Thursday
Laboratory Corporation of America (NYSE: LH) , also known as Labcorp, had a Thursday to forget on the stock exchange. The lab services specialist saw its share price tumble by nearly 6% on the day, following the release of a dispiriting set of quarterly results.
Labcorp saw a decline in revenue for its third quarter; this came in at $3.6 billion for the period, down from the year-ago figure of $4.1 billion. Non- GAAP (adjusted) net income also slipped across that stretch of time, landing at $90.7 million ($4.68 per share) versus $97.1 million for the third quarter of 2021.
Compounding that dynamic, the top-line figure didn't meet the average analyst expectation. Collectively, prognosticators following the stock were modeling revenue of $3.8 billion. On a slightly brighter note, those pundits had estimated Labcorp would net a per-share, adjusted net profit of $4.67.
For further details see:
Why Labcorp Stock Sank by Almost 6% on Thursday