8-KEarnings & ResultsExhibits & Filings

QUEST DIAGNOSTICS INC 8-K Report, Financial Results (Jan 18, 2008)

Filed January 18, 2008For Securities:DGX

Summary

Quest Diagnostics Incorporated (DGX) filed an 8-K on January 18, 2008, to announce a shift in the reporting date for its fourth quarter and full year 2007 results and its 2008 financial guidance. The company will now report these results on February 21, 2008, a delay from the previously scheduled January 29, 2008 date. Crucially, the company took this opportunity to reaffirm its previously issued guidance for the full year 2007. Quest Diagnostics continues to expect revenues to fall within the range of $6.6 billion to $6.7 billion. Furthermore, diluted earnings per share from continuing operations are still projected to be between $2.84 and $2.91, excluding approximately $0.04 per share related to special charges incurred in the first quarter of 2007. This reaffirmation provides some clarity amidst the reporting date change.

Key Highlights

  • 1Quest Diagnostics is delaying its Q4 2007 and full-year 2007 earnings release and 2008 guidance announcement from January 29, 2008, to February 21, 2008.
  • 2The company reaffirmed its 2007 revenue guidance of $6.6 billion to $6.7 billion.
  • 3Quest Diagnostics also reaffirmed its 2007 diluted earnings per share (EPS) guidance from continuing operations to be between $2.84 and $2.91.
  • 4This EPS guidance excludes approximately $0.04 per share in special charges recognized in Q1 2007.
  • 5The press release announcing these details is attached as Exhibit 99.1 to the 8-K filing.
  • 6The filing was made on January 18, 2008, with the earliest event reported being January 17, 2008.

Frequently Asked Questions

The 8-K filing does not explicitly state the reason for the delay in reporting the fourth quarter and full year 2007 results and 2008 guidance. It only announces the new reporting date of February 21, 2008, shifting it from the original date of January 29, 2008.

Quest Diagnostics reaffirmed its 2007 guidance for revenues to be between $6.6 billion and $6.7 billion. For diluted earnings per share from continuing operations, the company expects a range of $2.84 to $2.91, excluding approximately $0.04 per share in special charges from the first quarter of 2007.

Investors will receive the financial guidance for 2008 on February 21, 2008, when the company reports its fourth quarter and full year 2007 results. This is a change from the previously scheduled January 29, 2008 date.

No, this 8-K filing does not report new financial results. Its primary purpose is to announce the change in the earnings release date and to reaffirm the previously issued 2007 financial guidance. The detailed results and 2008 guidance will be provided on the new February 21, 2008 date.