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The Ensign Group 2Q earnings climb 17 percent

Mon, 08/09/2010 - 10:45am
The Associated Press

MISSION VIEJO, Calif. (AP) — The Ensign Group Inc. said that second-quarter earnings climbed 17 percent and the nursing services company on Monday raised its 2010 net income guidance.

The company said it earned $9.6 million, or 46 cents per share, in the three months that ended June 30. That compares to net income of $8.2 million, or 39 cents per share, in the same quarter last year.

Revenue climbed 19 percent to $157.9 million.

Adjusted earnings per share, which exclude acquisition expenses and amortization of recently acquired patient bases, were 46 cents per share. That beat Wall Street expectations.

Analysts polled by Thomson Reuters expected earnings of 44 cents per share on $154.9 million in revenue.

The Ensign Group's subsidiaries provided skilled nursing, assisted living and hospice services, and physical, occupational and speech therapy, among other services, at facilities in several Western states.

The company, based in Mission Viejo, Calif., said it now expects 2010 net income of between $1.79 and $1.83 per share. In May, it said it expected 2010 earnings per share of between $1.75 and $1.79.

Shares of Ensign fell 1 cents to $18.23.

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