Shares of VCA Antech Inc. plunged 11 percent in after-hours trading Thursday following a third quarter earnings report that failed to satisfy Wall Street.
The Los Angeles veterinary services provider said after the market closed that its net income rose 11 percent to $35.8 million (42 cents per share) compared to $32.2 million (38 cents) a year ago. Revenue grew 8 percent to more than $332 million on higher animal hospital and laboratory revenue.
Analysts surveyed by Thomson Financial expected, on average, net income of 43 cents per share on revenue of $335 million.
Chief Executive Bob Antin said in a statement that the company had missed internal growth goals and has implemented cost controls and other measures.
"We know that pet owners are tremendously loyal to their pets," Antin said. "At the same time, we acknowledge that they, too, are sensitive to this difficult economic environment we are facing."
Even so, VCA boosted its full-year profit outlook to $1.51 per share, up from a previous forecast of $1.47 per share, and said it now expects revenue of $1.29 billion, up from $1.28 billion. That's still less than analyst expectations of $1.58 per share profit on revenue of $1.3 billion.
Shares of VCA fell $2.35 to $18.51 in Nasdaq after-hours trading, after closing down 6.75 percent to $20.86 in regular trading.
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