Quest Diagnostic Jumps on Higher Guidance, Even After Losing Florida

© Reuters

By Christiana Sciaudone —  Who needs Florida anyway? Quest Diagnostics (NYSE:) is up 4% after bumping its guidance higher, despite getting dumped by the state of Florida earlier this month.

Revenue for 2020 is now expected to be between $8.4 billion and $8.8 billion, versus the previous outlook of $8 billion to $8.6 billion. Adjusted diluted earnings per share is estimated at $7.50 to $9 compared to the previous $6.60 to $8.60.

Cash from operations is estimated to be at least $1.45 billion, up from the previous $1.25 billion.

On Sept. 1, the Florida Department of Health and the Florida Division of Emergency Management said they would cut ties with Quest because it’s not reporting coronavirus test results quickly enough.   

The stock has five buy ratings, three holds and no sells. Shares are up more than 50% from a 2020 low in April.

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