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Article: Teterboro, N.J.-Based Lab Testing Giant Doubles Profit in Fourth Quarter.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 29, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Lewis Krauskopf, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Jan. 29--Lab testing giant Quest Diagnostics Inc. doubled profit in the fourth quarter behind greater revenue, cost-cutting, and technological improvements, the company said Monday.
Teterboro-based Quest said net income increased to $50.9 million, or 52 cents per diluted share, in the fourth quarter of 2001, compared with $25.4 million, or 26 cents, in 2000.
The 2000 figures include an "extraordinary loss" for refinancing debt that hurt earnings by 3 cents a share.
Quest's earnings report beat the 48-cent-per-share figure estimated by analysts polled ...