Quest Diagnostics stock set to rise after profit, revenue outlook raised

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Shares of Quest Diagnostics Inc. were indicated up 1% in premarket trading Thursday, after the health care diagnostics company raised its full-year outlook for profit and revenue, citing a faster-than-anticipated recovery in testing volumes through the end of August. The company said it now expects net 2020 earnings per share of $7.42 to $8.92, up from previous expectations of $5.66 to $7.66, while the adjusted EPS guidance range was raised to $7.50 to $9.00 from $6.60 to $8.60. The FactSet consensus is $8.28. The company raised its 2020 guidance range for revenue to $8.4 billion to $8.8 billion from $8.0 billion to $8.6 billion, compared with the FactSet consensus of $8.69 billion. Quest said it now expects cash provided by operations to be at least $1.45 billion, up from previous expectations of at least $1.25 billion. The stock has edged up 0.2% year to date through Wednesday, while the S&P 500 has gained 5.2%.
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