Animal healthcare company VCA Antech Inc. (WOOF) said Thursday that its third quarter profit increased from last year, helped by higher revenue. Looking ahead, the company lowered its earnings outlook for fiscal 2009.
Net income attributable to the company was $36.4 million or $0.42 per share for the third quarter, compared to $35.77 million or $0.42 per share in the prior year quarter.
Result for the latest quarter included a non-cash charge of $3.2 million after tax, related to the write-off of an internal-use software project, due to the failure of the project to reach development milestones and the company's decision to pursue alternative solutions.
Excluding the charge, adjusted earnings were $1.27 per share for the third quarter of 2009. On average, 9 analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the third quarter. Analysts' estimates typically exclude special items.
The Los Angeles, California-based company's third quarter revenue increased 2% to $338.56 million from $332.04 million in the same quarter last year. Seven analysts had a consensus revenue estimate of $349.03 million for the third quarter.
Animal hospital revenue in the third quarter increased 1.6% to $257.4 million, due to the acquisitions made in the past twelve months. Revenue from the Laboratory segment remained flat with $77.5 million.
Same-store revenue declined 4.9% during the quarter; however, same-store gross profit margin by 40 basis points to 20.5%.
Selling, general and administrative expense rose to $25.3 million from $22.0 million in the prior year quarter.
For the nine-month period of 2009, net income attributable to VCA Antech was $106.1 million or $1.23 per share, compared to $107.3 million or $1.25 per share in the previous year period.
Revenue for the period increased to $999.29 million from $974.30 million in the prior year period.
For fiscal 2009, VCA Antech now expects earnings of $1.48 to $1.52 per share, and adjusted earnings of $1.52 to $1.56 per share. Street currently estimates earnings of $1.58 per share for the year.
Earlier, the company estimated earnings of $1.52 to $1.56 per share, and adjusted earnings of $1.56 to $1.60 per share.
WOOF closed Thursday's regular trading session at $27.44, up 24 cents. However, in the after-hours, the shares lost 55 cents or 2.00%.
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