Labcorp Holdings (LH) FY2018 results: revenue $11.3 billion, up 9.9% on the year
Labcorp Holdings Inc. (LH) reported revenue of $11.3 billion for fiscal 2018, the year ended 31 December 2018, up 9.9% on the year before. Net income was $884 million, down 28.0%, and diluted earnings per share $8.61. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$11.3 billion
+9.9% on the year
FY2011FY2018
Operating margin
11.7%
12.7% a year earlier
FY2011FY2018
Net income
$884 million
-28.0% on the year
FY2011FY2018
Diluted EPS
$8.61
-27.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,333
10,308
9,553
+9.9%
Cost of revenue
8,157
7,216
6,699
+13.0%
Gross profit
3,176
3,092
2,854
+2.7%
Gross margin
28.0%
30.0%
29.9%
Selling, general and administrative
1,571
1,499
1,346
+4.8%
Operating income
1,326
1,305
1,271
+1.6%
Operating margin
11.7%
12.7%
13.3%
Interest expense
244
235
219
+3.9%
Income tax
384
-155
361
Net income
884
1,227
712
-28.0%
Net margin
7.8%
11.9%
7.5%
Diluted EPS
$8.61
$11.81
$6.82
-27.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,305
1,498
1,197
-12.9%
Capital expenditure
380
313
279
+21.4%
Free cash flow
926
1,185
918
-21.9%
Free cash flow margin
8.2%
11.5%
9.6%
Cash from investing
207
-2,229
-796
Cash from financing
-1,390
593
-671
Depreciation and amortisation
552
533
499
+3.5%
Share-based compensation
91.6
110
110
-16.5%
Buybacks
700
338
43.9
+107.0%
Diluted shares, weighted
103m
104m
104m
-1.3%
Shares outstanding at period end
99m
102m
103m
-2.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,048
6,804
5,518
+3.6%
Debt
6,001
6,762
5,850
-11.3%
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
51.0
n/a
n/a
Other liabilities
3,085
3,107
2,879
-0.7%
Total liabilities and equity
16,185
16,673
14,247
-2.9%
Fixed assets
1,740
1,707
1,719
+2.0%
Goodwill
7,360
7,401
6,424
-0.5%
Intangible assets
3,911
4,166
3,400
-6.1%
Cash and equivalents
427
317
434
+34.8%
Receivables
1,468
1,531
1,329
-4.1%
Inventory
237
228
205
+4.3%
Other assets
1,042
1,324
736
-21.3%
Total assets
16,185
16,673
14,247
-2.9%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.