Quest Diagnostics Inc. said Thursday its third-quarter net income fell to $505 million, or $4.02 a share, from $568 million, or $4.14 a share in the year-ago quarter. Adjusted earnings fell to $3.96 a share from $4.31 a share. Revenue at the medical testing company dropped to $2.774 billion from $2.786 billion. Analysts expected the company to earn $2.88 a share on revenue of $2.452 billion, according to a FactSet survey. Quest Diagnostics said it’s lifting its 2021 profit target to a range of $13.50 to $13.90 a share, from its previous guidance of $11.65 to $12.35 share because of higher than expected COVID-19 testing volume. Analysts expected the company to earn $12.12 a share in 2021. Shares of Quest Diagnostics rose 3% in pre-market trades. As of Wednesday’s close, the stock is up 23.2% so far this year, compared to a rise of 20.8% by the S&P 500.
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