UPDATE: LabCorp Beats Q4 Expectations, Issues Strong Forecast

reported better-than-expected earnings for the fourth quarter on Friday. The Burlington, North Carolina-based company reported quarterly net income of $119.6 million, or $1.39 per share, compared to $126.3 million, or $1.43 per share, in the year-ago period. Excluding items, the company's adjusted earnings rose to $1.65 per share from $1.61 per share. Its revenue climbed 5.3% to $1.51 billion in the period. However, analysts were estimating earnings of $1.63 per share on revenue of $1.50 billion. Operating income rose to $219.0 million from $215.0 million. Operating cash flow slipped to $213.7 million in the quarter, from $248.7 million in the year-ago quarter. "We are pleased with our fourth quarter operating performance, highlighted by solid organic growth and adjusted operating margin improvement. We are excited about the opportunity in 2015 and the improvement that our LaunchPad initiative will bring to the business," said David P. King, Chairman and Chief Executive Officer. LabCorp projects FY15 adjusted earnings of $7.35 to $7.70 per share, versus analysts' estimates of $7.34 per share. The company also expects total revenue growth of around 40% to 44%. LabCorp shares gained 0.12% to close at $117.14 yesterday.