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Quest Diagnostics Inc. Q1 FY2024 results: revenue $2.4 billion, up 1.5% on the year

Quest Diagnostics Inc. (DGX) reported revenue of $2.4 billion for Q1 FY2024, the quarter ended 31 March 2024, up 1.5% on the same quarter a year earlier. Net income was $194 million, down 4.0% on the year, and diluted earnings per share $1.72. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2024.

Revenue$2.4 billionup 1.5%
Net income$194 milliondown 4.0%
Diluted EPS$1.72
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue2,3662,288n/an/a
Cost of revenue1,5951,552n/an/a
Gross profit771736n/an/a
Gross margin32.6%32.2%n/a
Selling, general and administrative440407n/an/a
Operating income300267n/an/a
Operating margin12.7%11.7%n/a
Interest expense49.046.0n/an/a
Pre-tax income266237n/an/a
Income tax66.040.0n/an/a
Effective tax rate24.8%16.9%n/a
Net income194192n/an/a
Net margin8.2%8.4%n/a
Diluted EPS$1.72$1.70n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow154527n/an/a
Capital expenditure10472.0n/an/a
Free cash flow50.0455n/an/a
Free cash flow margin2.1%19.9%n/a
Depreciation and amortisation116109n/an/a
Share-based compensation22.019.0n/an/a
Buybacksn/a275n/an/a
Dividends paid79.080.0n/an/a
Dividend per share$0.75$0.71n/an/a
Diluted shares, weighted112m113mn/an/a
Shares outstanding at period end111m111mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Total assets13,95414,022n/an/a
Cash and equivalents474686n/an/a
Receivables1,3221,210n/an/a
Inventory181190n/an/a
Goodwill7,8307,733n/an/a
Long-term debtn/a4,713n/an/a
Long-term debt including finance leases3,8044,410n/an/a
Operating lease liabilities489503n/an/a
Finance lease liabilitiesn/a6.0n/an/a
Shareholders' equity6,4326,307n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,2952,2882,3662,3972,4882,6212,6522,7612,8162,8062,8953,043
Cost of revenue1,5411,5521,5951,5931,6771,7631,7891,8181,8671,8961,9532,016
Gross profit7547367718048118588639439499109421,027
Gross margin33%32%33%34%33%33%33%34%34%32%33%34%
SG&A380407440416448466476486501504504529
Operating income342267300355330361346438386386399459
Operating margin15%12%13%15%13%14%13%16%14%14%14%15%
Interest expense41.046.049.047.0n/an/an/an/an/an/an/an/a
Pre-tax income299237266314296299276384328330334412
Tax rate23%17%25%24%22%23%21%25%23%25%22%21%
Net income225192194229226222220282245245252320
Net margin10%8%8%10%9%8%8%10%9%9%9%11%
Diluted EPS$1.96$1.70$1.72$2.03$1.99$1.95$1.94$2.47$2.16$2.18$2.24$2.84
Operating cash flow207527154360356464314544563465278597
Capital expenditure10572.010492.0106123117108144158114138
Free cash flow10245550.0268250341197436419307164459
Buybacks0.0275n/an/an/an/an/an/a150n/an/an/a
Dividends paid80.080.079.084.084.084.084.090.089.090.088.096.0
Shares outstanding112m111m111m111m112m111m112m112m111m110m111m110m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 24 April 2024, accession 0001022079-24-000099: the filing on EDGAR. All of Quest Diagnostics Inc.'s filings: EDGAR company page.

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