Chemed Corp. (CHE) reported net income for the first quarter of $22.2 million or $1.17 per share, compared to $20.4 million or $1.06 per share for the year-ago quarter.
Excluding items, adjusted net income for the first quarter was $26.2 million or $1.38 per share, compard to $23.3 million or $1.21 per share in the prior year quarter.
Meanwhile, revenue for the latest quarter increased 3.9% to $366.64 million from $352.94 million a year ago.
Analysts polled by Thomson Reuters expected the company to earn $1.28 per share on revenue of $365.08 million for the first quarter. Analysts' estimates typically exclude special items.
Chemed operates VITAS Healthcare Corp., the largest U.S. provider of end-of-life care, and Roto-Rooter, the largest U.S. commercial and residential plumbing and drain cleaning services provider.
Net revenue for VITAS was $271.32 million in the first quarter, up from $260.34 million a year earlier.
Roto-Rooter's plumbing and drain cleaning business generated sales of $95.31 million for the first quarter, an increase from $90.0 million in the prior-year quarter.
Looking forward, the company sees full-year 2013 revenue growth in VITAS, prior to Medicare Cap, to be in the range of 4.5% to 5.5%, while anticipating Roto-Rooter to achieve full-year 2013 revenue growth between 2.5% and 4.0%. Analysts expect the company to report sales of $1.49 billion for 2013.
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