VCA Antech Net Income Helped by Acquisitions

0

VCA Antech Inc. said its first-quarter net income increased 3 percent as some of its recent animal hospital acquisitions helped boost revenue. The company’s profit was slightly better than Wall Street estimates but revenue was lower.

The Los Angeles owner of animal hospitals and laboratories late Wednesday reported net income of $32 million (37 cents per share), compared with $31.2 million (36 cents) a year ago. Revenue rose 3 percent to nearly $316 million as the acquisition of nine hospitals in the quarter increased income in that unit by 5 percent.

Analysts surveyed by Thomson Reuters on average expected 36 cents per share profit on more than $328 million in revenue.

VCA Antech affirmed guidance for full-year 2009 net income in the range of $135 million to $141 million ($1.56 to $1.63 a share), and revenue of $1.36 billion to $1.39 billion. The forecast is in line with analysts’ consensus.

Chief Executive Bob Antin said greater efficiencies helped to boost same-store gross profit margin to 18.8 percent from 18.5 percent, even though day-adjusted same-store revenue fell 2.7 percent during the quarter.

VCA Antech shares were down 10 cents, or less than 1 percent, to $24.20 in midday trading Thursday on the Nasdaq.

No posts to display