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Mednax 3Q profit rises 27 percent

Tue, 11/02/2010 - 11:45am
The Associated Press

FORT LAUDERDALE, Fla. (AP) — National physician group Mednax Inc. said Tuesday that its third-quarter profit rose 27 percent as contributions from newly acquired practices helped boost revenue.

Mednax earned $61.3 million, or $1.29 per share, up from $48.1 million, or $1.03 per share, in the same quarter last year. Revenue rose 6 percent to $351.1 million from $331.3 million.

Excluding one-time items, the company said it earned $1.06 per share. Analysts polled by Thomson Reuters, who typically exclude one-time items, on average expected earnings of $1.05 per share on $355.9 million in revenue.

Mednax focuses on neonatal, maternal-fetal and pediatric cardiology services, among other specialties.

Mednax said revenue at business units open more than a year rose less than 1 percent.

Looking ahead, the company expects fourth-quarter profit between $1.10 and $1.14 per share. Analysts expect $1.11 per share in profit, including two newly acquired anesthesia practices.

Shares of Mednax rose 54 cents to $59.09 in afternoon trading.

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