Shares in VCA Antech Inc. soared more than 12 percent Friday after the company announced stronger-than-expected second-quarter earnings.
VCA reported second quarter net income of $36 million (42 cents per share), an 18 percent jump from $30 million (35 cents) from the same period a year earlier, beating Wall Street’s estimates of 40 cents, according to a Reuters poll.
Revenue at the Los Angeles-based animal healthcare clinic operator also rose 21 percent to $300 million, also beating analysts’ expectation of $256 million.
The company credited higher revenue in its laboratory, animal hospital and medical technology segments for the boost in sales and profits.
VCA also increased its 2007 revenue estimate to $1.14 billion to $1.15 billion as well as its earnings estimate to $1.35 to $1.37 per share. Its previous estimates were $1.08 billion to $1.09 billion for revenue and $1.31 to $1.35 for earnings per share.
Shares in VCA were up $4.44, or 12.1 percent, to $41.05 in afternoon trading Friday on the Nasdaq.