Shares of Labcorp Holdings Inc (NYSE: LH) soared 5.14% on Tuesday, October 24th, 2024, after the medical laboratory operator reported better-than-expected third quarter earnings and provided an optimistic full-year outlook.

For the three months ended September 30th, 2024, Labcorp posted adjusted earnings per share of $3.50, surpassing analysts' consensus estimate of $3.49. Revenue for the quarter came in at $3.28 billion, beating Wall Street's projection of $3.26 billion.

The company's strong third quarter performance was driven by robust demand for its diagnostic testing services. Despite facing some weather-related disruptions that negatively impacted results, Labcorp was able to deliver solid top and bottom-line growth, thanks to its diversified portfolio of offerings and strategic initiatives.

Notably, Labcorp narrowed its full-year 2024 adjusted earnings per share guidance to a range of $14.30 to $14.70, down from its previous outlook of $14.30 to $14.90. However, the midpoint of the revised guidance remained unchanged. The company cited the estimated $0.15 negative impact from adverse weather conditions as the primary reason for lowering the high end of its EPS forecast.

Labcorp's full-year 2024 revenue growth guidance remained steady, with the midpoint still projecting an increase of 6.6% to 7.3% compared to the prior year. The company's ability to maintain its top-line outlook, despite the weather-related challenges, underscores the resilience of its business model and the growing demand for its services.