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DaVita's profit falls 7 percent in 2nd quarter

Wed, 08/03/2011 - 5:45pm
The Associated Press

DaVita Inc. said Wednesday that its profit fell about 7 percent in the second quarter, as the operator of kidney dialysis clinics booked a goodwill charge related to infusion therapy services provider HomeChoice Partners.

Still, adjusted results topped Wall Street's expectations, sending shares up 4 percent in after-hours trading.

DaVita said net income fell to $100 million, or $1.03 a share, for the three months ended June 30. That compares with net income of $107.9 million, or $1.04 a share, a year earlier.

Excluding the goodwill charge of about $14.4 million, DaVita earned $1.17 a share in the latest quarter, the company said.

Analysts' consensus forecast called for earnings of $1.14 a share, according to FactSet.

Revenue increased to $1.71 billion from $1.59 billion in the prior-year quarter. Analysts were expecting revenue of $1.67 billion.

DaVita provided about 4.8 million treatments during the quarter. On a per-day basis, treatments rose 7.1 percent versus a year earlier.

The company closed the quarter with 1,669 outpatient dialysis centers serving roughly 131,000 patients. It acquired and opened 27 centers during the quarter.

DaVita shares added $3.07 to $81.50 in aftermarket trading. They fell $1.29 to $78.43 during the regular session.

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