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BRIEF-Laboratory Corp Of America Q1 adjusted EPS $2.22

April 25 Laboratory Corporation Of America Holdings:

* Laboratory Corporation Of America Holdings announces 2017 first quarter results and updates 2017 guidance

* Q1 adjusted earnings per share $2.22

* Q1 earnings per share $1.84

* Q1 earnings per share view $2.20 -- Thomson Reuters I/B/E/S

* Sees FY 2017 adjusted earnings per share $9.20 to $9.60

* Q1 revenue $2.41 billion versus I/B/E/S view $2.41 billion

* Sees 2017 net revenue growth of 3.5% to 5.5% over 2016

* Labcorp- updated outlook for 2017, net revenue growth of 3.5% to 5.5% over 2016

* Fy2017 earnings per share view $9.60, revenue view $9.94 billion -- Thomson Reuters I/B/E/S

* Labcorp sees 2017 free cash flow of $925 million to $975 million

* Labcorp says backlog at end of quarter was $5.2 billion

* Labcorp - company expects approximately $2.1 billion of current backlog to convert into revenue in next twelve months

* Labcorp says remains on track to deliver cost synergies of $100 million related to acquisition of Covance through three-year period ending in 2017

* Labcorp says company has expanded its launchpad initiative to include covance drug development

* Labcorp says initiative will consist of two phases implemented over three years

* Labcorp says first phase of initiative is intended to better align covance drug development's resources with its near-term outloo

* Labcorp says first phase is expected to generate pre-tax savings of approximately $20 million in 2017 Source text for Eikon: Further company coverage:

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