LabCorp reported higher-than-expected fourth-quarter earnings on Thursday, including another excellent performance by its Covance business.

The Burlington-based life sciences company reported an adjusted earnings per share of $2.52 in the fourth quarter of 2018, up 11 percent from the same quarter a year ago. Such results were 3 cents higher than analyst estimates polled by Yahoo Finance.

Meanwhile, LabCorp saw revenues increase by 2 percent to $2.79 billion, compared to $2.74 billion in the fourth-quarter of 2017.

“LabCorp delivered another strong year in 2018, highlighted by 10 percent revenue growth and 20 percent adjusted EPS growth,” said CEO David P. King in a statement.

The performance of Covance Drug Development had contributed to the growth of LabCorp. Covance saw revenues increase 9.6 percent to $1.10 billion from the fourth quarter of 2017. Such increase in revenue was due to both organic growth and acquisitions, according to the statement.

LabCorp’s backlogged orders increased 3.8 percent to $9.76 billion from the previous quarter. It expects that $3.9 billion of that backlog, or 40.0 percent, will convert to revenue within the next 12 months.

The company is optimistic of its future growth once it realizes cost savings from its LaunchPad and Chiltern businesses.

It expects to realize $150 million in net savings from LaunchPad by the end of 2020. The savings are a result of the integration of LaunchPad with its Covarance Drug Development business.

LabCorp acquired the clinical research company Chiltern in September 2017. It expects to realize $30 million from cost synergies with Chiltern by the end of 2019.

The earnings announcement has provided a boost for LabCorp’s share price. The Burlington-based company’s shares closed Thursday at $147.46, up $6.23, or 4.47 percent.

The announcement can be found here.