GREENWOOD VILLAGE, Colo. (AP) — Ambulance services provider Emergency Medical Services Corp. said Tuesday its third-quarter net income rose 27 percent on a boost in new contracts and acquisitions.
EMS reported net income of $36.8 million, or 82 cents per share, up from $28.9 million, or 66 cents per share, in the same quarter a year prior. Revenue rose 11 percent to $737.2 million from $665.1 million.
Analysts polled by Thomson Reuters expected profit of 85 cents per share on $730.9 million in revenue.
The company's American Medical Response ambulance unit saw a 4 percent boost in revenue to $352.2 million. Meanwhile, revenue at the physician services business EmCare rose 18 percent to $385 million.
The company now expects 2010 profit between $3.20 and $3.26 per share, down from a prior range of $3.20 to $3.30 per share. Analysts polled by Thomson Reuters expected profit of $3.27 per share. The company said it cut guidance because of increased costs of employee medical claims.
Company shares fell $1.58, or 2.9 percent, to $53.48 in afternoon trading. The stock has traded between $41.50 and $61.83 over the past 52 weeks.