DaVita Inc. (DVA), which operates kidney dialysis centers, said Tuesday after the markets closed that its second quarter profit rose 11% from last year, as treatment volume increased. The company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue.
The El Segundo, California-based company reported net income for the second quarter of $105.8 million or $1.02 per share, compared to $95.0 million or $0.90 per share for the year-ago quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.95 per share for the second quarter.
Operating income for the quarter increased to $236 million from $218 million in the prior year quarter.
Net operating revenue for the second quarter rose 8% to $1.52 billion from $1.41 billion in the same quarter last year. Eleven analysts had a consensus revenue estimate of $1.49 billion for the second quarter.
Total treatments for the second quarter were 4,228,179, or 54,207 treatments per day, representing a per day increase of 5.2% over the second quarter of last year. Non-acquired treatment growth in the quarter was 4.5%.
For the first six months of the year, the company reported net income of $202.0 million or $1.94 per share, compared to $181.9 million or $1.70 per share for the same period last year.
Net operating revenue for the first-half increased to $2.97 billion from $2.75 billion in the prior year period.
Looking forward, the company narrowed its 2009 operating income guidance to a range of $900 million to $930 million from its prior guidance of $870 million to $930 million, but maintained its 2009 operating cash flow guidance of $550 million to $600 million.
DaVita shares, which have traded in a range of $40.96 to $60.20 over the past year, closed Tuesday's regular trading session at $51.04, up up 34 cents and gained an additional $1.01 or 1.98% in after hours trading.
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