Labcorp Holdings Inc. Q1 FY2024 results: revenue $3.2 billion, down 15.9% on the year

Labcorp Holdings Inc. (LH) reported revenue of $3.2 billion for Q1 FY2024, the quarter ended 31 March 2024, down 15.9% on the same quarter a year earlier. Net income was $228 million, up 7.1% on the year, and diluted earnings per share $2.69. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2024.

Revenue$3.2 billiondown 15.9%

Net income$228 millionup 7.1%

Diluted EPS$2.69

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,177	2,293	n/a	n/a
Cost of revenue	2,279	1,596	n/a	n/a
Gross profit	897	697	n/a	n/a
Gross margin	28.2%	30.4%	n/a
Selling, general and administrative	508	436	n/a	n/a
Operating income	321	-134	n/a	n/a
Operating margin	10.1%	-5.8%	n/a
Interest expense	46.9	48.8	n/a	n/a
Income tax	69.1	19.1	n/a	n/a
Net income	228	-167	n/a	n/a
Net margin	7.2%	-7.3%	n/a
Diluted EPS	$2.69	-$1.85	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-29.8	580	n/a	n/a
Capital expenditure	134	167	n/a	n/a
Free cash flow	-164	412	n/a	n/a
Free cash flow margin	-5.2%	18.0%	n/a
Depreciation and amortisation	154	146	n/a	n/a
Share-based compensation	31.6	27.0	n/a	n/a
Dividends paid	62.1	61.1	n/a	n/a
Diluted shares, weighted	85m	88m	n/a	n/a
Shares outstanding at period end	84m	84m	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	16,531	16,725	n/a	n/a
Cash and equivalents	99.3	537	n/a	n/a
Receivables	2,084	1,913	n/a	n/a
Inventory	475	475	n/a	n/a
Goodwill	6,219	6,142	n/a	n/a
Long-term debt	3,048	4,055	n/a	n/a
Borrowings, as the company tags them	0.6	0.6	n/a	n/a
Operating lease liabilities	625	649	n/a	n/a
Finance lease liabilities	77.1	78.6	n/a	n/a
Shareholders' equity	7,960	7,875	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,057	2,293	3,177	3,221	3,282	3,329	3,345	3,527	3,564	3,516	3,538	3,731
Cost of revenue	2,206	1,596	2,279	2,294	2,378	2,433	2,397	2,481	2,538	2,523	2,524	2,619
Gross profit	851	697	897	926	904	896	948	1,046	1,025	993	1,014	1,112
Gross margin	28%	30%	28%	29%	28%	27%	28%	30%	29%	28%	29%	30%
SG&A	526	436	508	558	569	595	546	579	552	539	551	577
Operating income	252	-134	321	295	254	216	326	394	397	268	381	452
Operating margin	8%	-6%	10%	9%	8%	7%	10%	11%	11%	8%	11%	12%
Interest expense	50.3	48.8	46.9	47.6	50.4	63.4	56.0	57.1	56.0	55.0	55.1	61.1
Net income	183	-167	228	205	169	143	213	238	261	165	278	299
Net margin	6%	-7%	7%	6%	5%	4%	6%	7%	7%	5%	8%	8%
Diluted EPS	$2.11	-$1.85	$2.69	$2.43	$2.00	$1.72	$2.52	$2.84	$3.12	$1.98	$3.35	$3.64
Operating cash flow	276	580	-29.8	561	277	777	18.5	621	387	614	192	446
Capital expenditure	105	167	134	128	116	112	126	77.9	107	124	121	132
Free cash flow	171	412	-164	433	162	665	-108	543	280	490	70.5	314
Buybacks	1,009	n/a	n/a	n/a	75.0	n/a	0.0	200	25.0	225	98.0	354
Dividends paid	63.9	61.1	62.1	60.4	60.5	60.1	61.6	59.9	59.9	59.3	61.2	58.7
Shares outstanding	85m	84m	84m	84m	84m	83m	84m	83m	83m	82m	82m	81m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-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 30 April 2024, accession 0000920148-24-000032: the filing on EDGAR. All of Labcorp Holdings Inc.'s filings: EDGAR company page.

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