Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Quest Diagnostics Inc. DGX, -1.84% said Tuesday its third-quarter profit dropped by 12.2% to $225 million, or $1.96 a share, from $256 million, or $2.17 a share, in the year-ago quarter. Adjusted third-quarter profit fell to $2.22 a share from $2.36 a share, and beat the FactSet consensus estimate of $2.19 a share. Revenue at the medical products company dropped by 7.7% to $2.
295 billion, ahead of the analyst estimate of $2.269 billion. Looking ahead, Quest Diagnostics said it expects adjusted 2023 earnings of $8.65 to $8.75 a share, against the analyst estimate of $8.71 share, with revenue of $9.19 billion to $9.24 billion, compared to the Wall Street expectation of $9.18 billion. Quest Diagnostics stock was not trading in the pre-market. The stock is down about 22% in 2023, compared to a 9.8% gain by the S&P 500 SPX, -0.17%.
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