Quest Diagnostics 2015 Annual Report Download - page 65
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61
Results of Operations
The following table sets forth certain results of operations data for the periods presented:
2015 2014 2013
2015 vs.
2014
Increase
(Decrease)
2014 vs.
2013
Increase
(Decrease)
2015 vs.
2014 %
Increase
(Decrease)
2014 vs.
2013 %
Increase
(Decrease)
(dollars in millions, except per share amounts)
Net revenues:
DIS business $ 6,965 $ 6,873 $ 6,587 $ 92 $ 286 1.3 % 4.3 %
DS businesses 528 562 559 (34) 3 (6.1) 0.5
Total net revenues $ 7,493 $ 7,435 $ 7,146 $ 58 $ 289 0.8 % 4.0 %
Operating costs, expenses and other income:
Cost of services $ 4,657 $ 4,637 $ 4,326 $ 20 $ 311 0.4 % 7.2 %
Selling, general and
administrative 1,679 1,728 1,704 (49) 24 (2.8) 1.4
Amortization of intangible assets 81 94 79 (13) 15 (14.1) 18.5
Gain on contribution of business
to joint venture (334) — — (334) — NM —
Gain on sale of royalty rights — — (474) — 474 — NM
Other operating expense
(income), net 11 (7) 36 18 (43) NM NM
Total operating costs, expenses
and other income, net $ 6,094 $ 6,452 $ 5,671 $ (358) $ 781 (5.5)% 13.8 %
Operating income $ 1,399 $ 983 $ 1,475 $ 416 $ (492) 42.3 % (33.3)%
Other income (expense):
Interest expense, net $ (153) $ (164) $ (159) $ (11) $ 5 (6.7)% 2.8 %
Other (expense) income, net (143) 4 8 147 (4) NM NM
Total non-operating expenses,
net $ (296) $ (160) $ (151) $ 136 $ 9 85.8 % 5.5 %
Income tax expense $ (373) $ (262) $ (500) $ 111 $ (238) 41.9 % (47.5)%
Effective income tax rate 33.8% 31.8% 37.8% 2.0% (6.0)% NM NM
Equity in earnings of equity
method investees, net of taxes $ 23 $ 26 $ 24 $ (3) $ 2 (10.8)% 7.7 %
Income from discontinued
operations, net of taxes $ — $ 5 $ 35 $ (5) $ (30) NM NM
Income from continuing
operations attributable to
Quest Diagnostics'
stockholders $ 709 $ 551 $ 814 $ 158 $ (263) 28.7 % (32.3)%
Diluted earnings per common
share from continuing
operations attributable to
Quest Diagnostics’ common
stockholders $ 4.87 $ 3.78 $ 5.31 $ 1.09 $ (1.53) 28.8 % (28.8)%
NM - Not Meaningful
QUEST DIAGNOSTICS 2015 ANNUAL REPORT ON FORM 10-K