April 25, 2018 / 11:15 AM / 3 months ago

BRIEF-LabCorp Reports Q1 Earnings Per Share $1.67

April 25 (Reuters) - Laboratory Corporation of America Holdings:

* LABCORP ANNOUNCES STRONG 2018 FIRST QUARTER RESULTS AND UPDATES 2018 GUIDANCE

* Q1 EARNINGS PER SHARE $1.67

* Q1 REVENUE $2.85 BILLION VERSUS I/B/E/S VIEW $2.77 BILLION

* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $11.30 TO $11.70

* Q1 ADJUSTED EARNINGS PER SHARE $2.78

* Q1 EARNINGS PER SHARE VIEW $2.63 — THOMSON REUTERS I/B/E/S

* BOARD AUTHORIZED AN INCREASE IN COMPANY’S TOTAL SHARE REPURCHASE PROGRAM TO A TOTAL OF $1.0 BILLION

* 2018 FREE CASH FLOW GUIDANCE OF $1.1 BILLION TO $1.2 BILLION, UNCHANGED FROM PRIOR GUIDANCE

* 2018 ADJUSTED EPS GUIDANCE OF $11.30 TO $11.70, UNCHANGED FROM PRIOR GUIDANCE

* 2018 ADJUSTED EPS GUIDANCE NOW INCLUDES PROJECTED NEGATIVE IMPACT FROM ASC 606 OF ABOUT $0.20 TO $0.30 PER SHARE FOR FULL YEAR 2018

* EFFECTIVE JANUARY 1, 2018, COMPANY ADOPTED FASB-ISSUED CONVERGED STANDARD ON REVENUE RECOGNITION (ASC 606)

* SEES 2018 REVENUE GROWTH OF 10.0% TO 12.0% OVER 2017 REVENUE OF $10.31 BILLION

* BACKLOG AT END OF QUARTER WAS $9.17 BILLION FOR COVANCE DRUG DEVELOPMENT Source text for Eikon: Further company coverage:

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