April 22 (Reuters) - Quest Diagnostics Inc:
* QUEST DIAGNOSTICS REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS
* Q1 REVENUES OF $1.82 BILLION, DOWN 3.7% FROM 2019
* Q1 REVENUES OF $1.82 BILLION
* Q1 EARNINGS PER SHARE $0.73
* QTRLY ADJUSTED DILUTED EPS OF $0.94
* IN MARCH, EXPERIENCED A MATERIAL DECLINE IN TESTING VOLUMES DUE TO COVID-19 PANDEMIC
* UNABLE TO ACCURATELY FORECAST NEAR TERM IMPACT OF COVID-19 PANDEMIC ON ITS BUSINESS
* AS OF MARCH 31, 2020, QUEST DIAGNOSTICS HAD CASH ON HAND OF $342 MILLION
* "APPROVED FURLOUGHS FOR EMPLOYEES WITH DIMINISHED WORK WHO EXPRESSED INTEREST"
* QUEST DIAGNOSTICS - AS OF MARCH 31, HAD CASH ON HAND OF $342 MILLION AND HAD $1.3 BILLION OF BORROWING CAPACITY AVAILABLE UNDER EXISTING CREDIT FACILITIES
* SUSPENSION OF CERTAIN BENEFITS, SUCH AS 401(K) MATCH
* SUSPENDED ADDITIONAL SHARE REPURCHASES THROUGH END OF YEAR UNDER ITS EXISTING AUTHORIZATION
* QUEST DIAGNOSTICS - COVID-19 PANDEMIC IS LIKELY TO IMPACT CO'S ABILITY TO COMPLY WITH APPLICABLE FINANCIAL COVENANTS, BEGINNING AS EARLY AS END OF Q2
* QUEST - WOULD NOT BE ABLE TO BORROW AGAINST CERTAIN CREDIT FACILITIES & LENDERS WOULD HAVE RIGHT TO DEMAND PAYMENT OF ANY AMOUNTS OUTSTANDING
* QUEST - HAS BEEN IN ADVANCED DISCUSSIONS WITH LEAD LENDER REGARDING AMENDMENT TO CERTAIN FINANCIAL COVENANTS OF UNSECURED REVOLVING CREDIT FACILITY
* CONFIDENT THAT IT WILL BE ABLE TO ENTER INTO AMENDMENT LATER IN QUARTER
* Q1 EARNINGS PER SHARE VIEW $0.89, REVENUE VIEW $1.75 BILLION -- REFINITIV IBES DATA Source text for Eikon: Further company coverage: