Quest Diagnostics (NYSE: DGX) reported Q3 EPS of $3.96, $1.29 better than the analyst estimate of $2.67. Revenue for the quarter came in at $2.77 billion versus the consensus estimate of $2.42 billion.

"We had a strong third quarter, as COVID-19 molecular volumes increased throughout the summer while our base business continued to deliver solid volume growth versus the prior year and 2019," said Steve Rusckowski, Chairman, CEO and President. "In late summer we experienced some softness in the base business across the country, but saw an overall rebound in September. Importantly, our base business continued to improve sequentially in the third quarter which speaks to the ongoing recovery."

"We have raised our outlook for the remainder of the year based on higher than anticipated COVID-19 volumes as well as the continued progress we expect to see in our base business despite rising labor costs and inflationary pressures. The momentum of our base business positions us to deliver the 2022 outlook we shared at our March investor day."

GUIDANCE:

Quest Diagnostics sees FY2021 EPS of $13.50-$13.90, versus the consensus of $11.93. Quest Diagnostics sees FY2021 revenue of $10.45-10.6 billion, versus the consensus of $10 billion.

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