July 28, 2020 / 11:05 AM / 6 days ago

LabCorp quarterly profit jumps about 22% on government stimulus

July 28 (Reuters) - Diagnostics testing company Laboratory Corporation of America Holdings reported a 21.6% rise in quarterly profit on Tuesday, boosted by a $55.9 million government stimulus income related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Net earnings attributable to LabCorp was $231.6 million, or $2.37 per share, in the second quarter, compared with $190.4 million, or $1.93 per share, a year earlier.

Net revenue fell to $2.77 billion from $2.88 billion.

Reporting By Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli

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