Laboratory Corp Beats By $0.07, Beats On Revs; Raises FY14 EPS, In-line, Reaffirms FY14 Revs Guidance

Laboratory Corp beats by $0.07, beats on revs; raises FY14 EPS, in-line, reaffirms FY14 revs guidance (LH) : Reports Q2 (Jun) earnings of $1.84 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $1.77; revenues rose 3.3% year/year to $1.52 bln vs the $1.5 bln consensus. 

• The increase in sales was the result of test volume, measured by requisitions, and fold-in acquisitions, which was partially offset by mix. Total test volume increased 5.3%, while revenue per requisition decreased 2.0% due to test and payer mix. 
• "We are pleased with the strong volume growth in the quarter and the sequential stability of revenue per requisition, which has been under pressure due to mix."

Co issues guidance for FY14, raises EPS to $6.50-6.75, excluding non-recurring items, from $6.40-6.70 vs. $6.68 Capital IQ Consensus; sees FY14 revs +2% to ~$5.92 bln vs. $5.91 bln Capital IQ Consensus.