Lincare 1Q profit rises on sales boost
Lincare Holdings Inc., which provides home delivery of oxygen and respiratory therapies, said Monday that its first-quarter profit rose 6 percent as its revenue climbed.
Lincare said it earned $46.4 million, or 49 cents per share, for the period that ended March 31. That's compared with $43.6 million, or 45 cents per share, a year earlier.
Its rlincareevenue rose 5 percent to $431.6 million from $410 million.
Analysts polled by FactSet expected Lincare to report net income of 49 cents per share on revenue of $431.5 million.
Looking ahead, the company said it expects reimbursement cuts from the Centers for Medicare and Medicaid Services to reduce its quarterly revenue by about $7 million.
Shares of Lincare rose 35 cents to close at $30.76 before the company released its results. The shares fell 4 cents in after-hours trading.