By Adam Rubenfire | July 28, 2015 — Having rebounded from the cost of both acquiring Covance and a corporate restructuring, Laboratory Corporation of America Holdings Tuesday reported a jump in its second-quarter earnings.The major clinical lab provider located in Burlington, N.C. reported $168.4 million in profit for the three months ended June 30, up 19.2% from the same period in 2014. LabCorp did not report total net earnings on a pro forma basis, so the results are largely influenced by the February acquisition of Covance.
That deal plus a corporate restructuring and its Project Launchpad cost-cutting initiative contributed to a nearly 100% drop in earnings last quarter.
LabCorp is on track to deliver about $50 million in net savings in 2015 thanks to improvements put in place through the program.
Second-quarter revenue was up 46% to $2.2 billion, mostly from the acquisition, while organic revenue growth, excluding fluctuations in currency, was about 5.4%
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