Quest Diagnostics' first-quarter profit, sales up; lifts earnings outlook

Quest Diagnostics reported Thursday that first-quarter net income jumped 58.8 percent year-over-year to $164 million. The company also posted a 1.9-percent increase in quarterly sales to $1.9 billion, while analysts had predicted $1.87 billion.

CEO Steve Rusckowski noted that "growth in the quarter was driven by expanding relationships with hospital health systems." He added that "our agreement with PeaceHealth in the Pacific Northwest announced in the first quarter will further bolster growth later in the year."

Looking ahead, Quest Diagnostics expects full-year earnings in the range of $5.45 per share to $5.60 per share, up from a previous forecast of $5.37 per share to $5.52 per share. The company said it continues to expect 2017 sales will be between $7.64 billion and $7.72 billion.

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