Monday, Emergency Medical Services Corp. (EMS), reported higher second-quarter profit, helped by higher volume from net new and existing contracts, and lower fuel costs. The company's quarterly earnings and revenue results came in ahead of Street estimates. Further, the company raised its fiscal 2009 earnings guidance.
The Greenwood Village, Colorado-based company reported net income for the second quarter of $29.02 million or $0.67 per share, compared to $18.34 million or $0.43 per share in the same quarter last year.
The company attributed the higher earnings primarily to the net impact of increased volume from net new contracts, higher rates and volumes from existing contracts, improvement in compensation and benefits expenses as a percentage of net revenue and lower fuel costs, offset by an increase in insurance expense.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the quarter increased 11.6% to $637.29 million from $571.08 million in the prior-year quarter. Six analyst had a revenue consensus of $620.56 million for the second quarter.
Segment wise, American Medical Response division, the company's healthcare transportation services segment, generated net revenue of $335.5 million, an increase of 3.7% compared to the same quarter last year, mainly due to an improvement in revenue per transport and growth in the company's managed transportation business, offset by lower transports primarily from our exit of underperforming markets.
EmCare unit, the company's outsourced hospital-based physician services segment, generated net revenue of $301.8 million, an increase of 22.0% compared to the same quarter last year, primarily attributable to the addition of 98 net new contracts since March 31, 2008 and revenue increases at existing contracts.
For the six-month period, net income rose to $53.09 million or $1.23 per share form $35.35 million or $0.82 per share in the same period last year.
Net revenues for the first half of fiscal 2009 grew to $1.25 billion from $1.14 billion in the similar period of 2008.
Looking ahead for fiscal 2009, the company increased its earnings guidance to the range of $2.38 - $2.48 per share from previously announced guidance of $2.05 - $2.15 per share.'
Analysts currently expect earnings of $2.15 per share for fiscal 2009.
EMS closed Monday's regular trading session at $39.89, up $0.75 or 1.92%on a volume of 260,450 shares. However, the stock lost $1.89 or 4.74% and traded at $38.00 in the after hours.
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