DaVita Inc. (DVA) shares are falling more than 24 percent on Friday morning after the provider of kidney dialysis services reported lower third-quarter earnings, despite a slight increase in revenue.
The company reported a third-quarter profit of $164.69 million or $1.13 per share down from $319.75 million or $2.36 per share a year ago. On an adjusted basis, earnings were $1.45 per share.
Revenue for the quarter climbed to $2.948 billion from $2.938 billion in the previous year.
The company noted that the third quarter was challenging due to negative volume trends and continued labor pressure.
The company now expects full-year 2022 adjusted earnings per share in a range of $6.20-$6.70, while the previous outlook was in a range of $7.50 -$8.50 per share. Wall Street expects $7.72 per share.
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