Dialysis provider DaVita Inc. on Tuesday reported a rise in quarterly profit, saying new facilities and boosted revenue per-patient helped push profit up.
DaVita reported first quarter net income of $86.9 million (80 cents per share), up 14 percent from $76.6 million (72 cents) in the same period a year earlier. Analysts polled by Thomson Financial expected a profit of 78 cents per share.
Revenue for the El Segundo-based company, which is the largest dialysis provider in the country, was up 5 percent to $1.34 billion also beating Wall Street's expectations of $1.3 billion.
The company said total treatments rose 8 percent during the quarter to nearly 4 million, or about 50,800 per day. Costs rose 6 percent to $1.15 billion.
DaVita warned of a slow 2008 with its fourth quarter earnings release in February, saying it was entering into a period of "unusual earnings uncertainty" due to the overall economic climate.
Shares in DaVita closed up 50 cents to $50.76 Tuesday.
For reprint and licensing requests for this article, CLICK HERE.