Lab Corp. (NYSE: LH) reported Q3 EPS of $1.80, $0.05 better than the analyst estimate of $1.75. Revenue for the quarter came in at $1.55 billion versus the consensus estimate of $1.56 billion.

“We are pleased that strong volume growth generated an increase in the Company’s sales, which in turn generated improved adjusted operating income during the quarter,” said David P. King, Chairman and Chief Executive Officer. “We continue to execute our five-pillar strategy, with the goal of delivering revenue and earnings growth in 2015 and beyond.”

During the quarter, the Company:

• Reached an agreement to acquire LipoScience, a premier esoteric laboratory focused on personalized diagnostics for cardiovascular and metabolic disorders, for approximately $85 million;
• Launched Enlighten Health Genomics, a new business that enhances the diagnostic potential of Next-Generation Sequencing technology;
• Supported the launch of the Beacon LBS program, providing physicians with point of care decision support to assist in test and lab selection; and
• Repurchased approximately $66 million of shares, bringing the year-to-date total to $228 million. The Company has $824 million of repurchase authorization remaining under its Board-authorized share repurchase plan.

Operating cash flow for the third quarter was $175.6 million, compared to $234.2 million in the third quarter of 2013, as the Company used working capital to support its strong revenue growth. Capital expenditures totaled $52.6 million, compared to $52.1 million in the third quarter of 2013. As a result, free cash flow (operating cash flow less capital expenditures) was $123.0 million, compared to $182.1 million in the third quarter of 2013.

Lab Corp. sees FY2014 EPS of $6.70 - $6.80, versus the consensus of $6.73.

For earnings history and earnings-related data on Lab Corp. (LH) click here.