Laboratory Corporation of America Holdings, a Burlington-based health care company, reported earnings that beat analyst expectations.
The company reported net earning of $180.6 million, or $2.46 per share, a 9.3 percent increase from $2.25 per share, or $179.5 million, in the third quarter of 2016. That beat analyst expectations of $2.39 per share.
Net revenue also increased 9.5 percent to $2.6 billion from $2.37 billion in last year’s third quarter, beating analyst expectations of $2.55 billion.
“We delivered record results highlighted by outstanding growth in the quarter,” said CEO David P. King in a statement.
Labcorp subsidiaries Labcorp Diagnostics and Covance Drug Development saw an increase in revenue.
Labcorp Diagnostics reported $1.84 billion, a 9.9 percent increase year over year from $1.67 billion. Covance drug development saw an 8.6 percent increase year over year from $701.1 million to $761.1 million.
The company announced updated 2017 projections of 8 percent to 8.5 percent revenue growth from a net revenue of $9.44 billion in 2016. Prior guidance was 5 percent to 6.5 percent.
Labcorp’s stock was trading at $152.54 on Wednesday, up from Tuesday’s close of $150.86.