Quest Diagnostics (DGX) FY2019 results: revenue $7.7 billion, up 2.6% on the year
Quest Diagnostics Inc. (DGX) reported revenue of $7.7 billion for fiscal 2019, the year ended 31 December 2019, up 2.6% on the year before. Net income was $858 million, up 16.6%, and diluted earnings per share $6.28. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$7.7 billion
+2.6% on the year
FY2012FY2019
Operating margin
15.9%
14.6% a year earlier
FY2012FY2019
Net income
$858 million
+16.6% on the year
FY2012FY2019
Diluted EPS
$6.28
+18.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,726
7,531
7,402
+2.6%
Cost of revenue
5,037
4,926
4,719
+2.3%
Gross profit
2,689
2,605
2,683
+3.2%
Gross margin
34.8%
34.6%
36.2%
Selling, general and administrative
1,457
1,424
1,443
+2.3%
Operating income
1,231
1,101
1,165
+11.8%
Operating margin
15.9%
14.6%
15.7%
Interest expense
180
169
153
+6.5%
Pre-tax income
1,076
926
1,030
+16.2%
Income tax
247
182
241
+35.7%
Effective tax rate
23.0%
19.7%
23.4%
Net income
858
736
772
+16.6%
Net margin
11.1%
9.8%
10.4%
Diluted EPS
$6.28
$5.29
$5.50
+18.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,243
1,200
1,175
+3.6%
Capital expenditure
400
383
252
+4.4%
Free cash flow
843
817
923
+3.2%
Free cash flow margin
10.9%
10.8%
12.5%
Cash from investing
-411
-801
-830
Cash from financing
225
-401
-592
Depreciation and amortisation
329
309
270
+6.5%
Share-based compensation
56.0
61.0
79.0
-8.2%
Buybacks
353
322
465
+9.6%
Dividends paid
286
266
247
+7.5%
Dividend per share
n/a
n/a
$1.80
Diluted shares, weighted
136m
139m
140m
-2.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,641
5,216
4,921
+8.1%
Non-controlling interest
46.0
51.0
34.0
-9.8%
Redeemable equity
76.0
77.0
80.0
-1.3%
Debt
4,770
3,893
3,784
+22.5%
Operating lease liabilities
413
0.0
n/a
Finance lease liabilities
30.0
n/a
n/a
Other liabilities
1,867
1,766
1,684
+5.7%
Total liabilities and equity
12,843
11,003
10,503
+16.7%
Fixed assets
1,453
1,288
1,145
+12.8%
Goodwill
6,619
6,563
6,335
+0.9%
Intangible assets
1,121
1,207
1,119
-7.1%
Securities held for sale or to maturity
12.0
0.0
n/a
Cash and equivalents
1,192
135
137
+783.0%
Receivables
1,063
1,012
924
+5.0%
Inventory
123
99.0
95.0
+24.2%
Other assets
1,260
699
748
+80.3%
Total assets
12,843
11,003
10,503
+16.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.