DaVita Inc. said Monday its third-quarter net income fell on higher costs. The kidney-dialysis provider's results were slightly better than Wall Street expectations, but the stock sunk in early trading.
El Segundo-based DaVita reported net income of $93.9 million (89 cents per share) compared with $94.5 million (88 cents) in the same quarter in 2007. The company has 2 percent fewer shares outstanding than a year ago.
Davita, which operates 1,425 outpatient dialysis centers, said revenue rose 10 percent to $1.45 billion, while operating expenses and charges were up 12 percent to $1.24 billion. The company's clinics provided more than 4.1 million treatments during the quarter, up 5.1 percent from a year ago.
Analysts surveyed by FactSet Research on average expected profit of 88 cents on $1.42 billion in revenue.
Shares of DaVita were down $3.70, or 6.5 percent, to $53.05 in morning trading on the New York Stock Exchange.
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