Quest Diagnostics Inc. (DGX: Quote), a provider of diagnostic information services, Wednesday said it plans to sell its HemoCue diagnostic products business in a bid to refocus on diagnostic information services.
In this regard, the comapny is expected to record after-tax charges for the estimated asset impairment associated with HemoCue and the loss on sale associated with the recently sold OralDNA, totaling $89.5 million, or $0.56 per share, for the fourth quarter.
These developments are expected to further reduce revenues by $117 million in 2012 and $119 million in 2011, net income from continuing operations by $15 million in 2012 and $13 million in 2011; and earnings per share by $0.09 in 2012 and $0.08 in 2011.
The company further estimated that hurricane Sandy should set back the fourth quarter revenue by $21 million, operating income by $16 million and earnings per share by $0.06.
Twenty analysts on average polled by Thomson Reuters estimate fourth quarter earnings of $1.08 per share on revenue of $1.83 billion.
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by RTT Staff Writer
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