Quest Diagnostics 2013 Annual Report Download - page 60
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56
The following table sets forth certain results of operations data for the periods presented:
2013 2012 2011
2013 vs.
2012
Increase
(Decrease)
2012 vs.
2011
Increase
(Decrease)
2013 vs.
2012 %
Increase
(Decrease)
2012 vs.
2011 %
Increase
(Decrease)
(dollars in millions, except per share amounts)
Net revenues:
DIS business $ 6,587 $ 6,820 $ 6,812 $ (233) $ 8 (3.4)% 0.1 %
DS businesses 559 563 580 (4) (17) (0.7) (2.9)
Total net revenues $ 7,146 $ 7,383 $ 7,392 $ (237) $ (9) (3.2)% (0.1)%
Operating costs and expenses:
Cost of services $ 4,326 $ 4,365 $ 4,363 $ (39) $ 2 (0.9)% — %
Selling, general and
administrative 1,704 1,745 1,743 (41) 2 (2.3) 0.1
Amortization of intangible
assets 79 75 61 4 14 5.3 23.0
Gain on sale of royalty rights (474) — — (474) — N/A N/A
Other operating expense
(income), net 36 (3) 238 39 (241) (1,300.0) (101.3)
Total operating costs and
expenses $ 5,671 $ 6,182 $ 6,405 $ (511) $ (223) (8.3)% (3.5)%
Operating income $ 1,475 $ 1,201 $ 987 $ 274 $ 214 22.8 % 21.7 %
Other income (expense):
Interest expense, net $ (159) $ (165) $ (170) $ (6) $ (5) (3.6)% (2.9)%
Equity in earnings of equity
method investees 24 26 29 (2) (3) (7.7) (10.3)
Other income, net 8 6 3 2 3 33.3 100.0
Total non-operating expenses,
net $ (127) $ (133) $ (138) $ (6) $ (5) (4.5)% (3.6)%
Income tax expense $ 500 $ 402 $ 355 $ 98 $ 47 24.4 % 13.2 %
Effective income tax rate 37.1% 37.6% 41.8% (0.5)% (4.2)% N/A N/A
Income (loss) from discontinued
operations, net of taxes $ 35 $ (74) $ 12 $ 109 $ (86) (147.3)% (716.7)%
Income from continuing
operations attributable to
Quest Diagnostics'
stockholders $ 814 $ 630 $ 459 $ 184 $ 171 29.2 % 37.3 %
Diluted earnings per common
share from continuing
operations attributable to
Quest Diagnostics’ common
stockholders $ 5.31 $ 3.92 $ 2.85 $ 1.39 $ 1.07 35.5 % 37.5 %