Quest takes $89.5 million charge as it puts unit up for sale
(Reuters) - Quest Diagnostics Inc (DGX.N), the No. 1 clinical laboratory-testing company, said on Wednesday that it would sell one of its diagnostic products businesses and take a 56 cent-per-share charge to write down part of its value and that of another business.
Quest said that it would restate 2011 and 2012 results to remove both the HemoCue diagnostic products business and the OralDNA products business, which it sold in December, from continuing operations.
That will reduce 2012 earnings per share by 9 cents and net income from continuing operations by $15 million. It will lower 2012 revenue $117 million.
Analysts expect the company to report earnings of $4.50 per share in 2012 and sales of $7.53 billion, according to Thomson Reuters I/B/E/S.
(This story corrects first paragraph to make clear Quest selling a diagnostics products business, not all such businesses. Also corrects to say write-down of value, not a write-off)
(Reporting By Caroline Humer; Editing by Maureen Bavdek)
NEW YORK - With the U.S. Federal Reserve finally announcing it will start tapering its stimulus, removing a big uncertainty in the market, can Wall Street expect a stronger finish to the year? Not really.
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.