25.04.2014 06:12:16
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VCA Antech Q1 Profit Meets View, Backs Full Year Forecast - Update
(RTTNews) - VCA Antech, Inc. (WOOF), an animal healthcare company, Thursday reported first-quarter earnings that met Wall Street expectations, even as revenue missed estimates. The company reaffirmed the annual guidance provided in February.
Net income attributable to VCA Antech improved to $34.04 million from $30.49 million. Earnings per common share increased to $0.38 from $0.34.
Adjusted earnings per common share excluding amortization was $0.42, while it totaled $0.40 last year. On average, 10 analysts polled by Thomson Reuters expected earnings of $0.42 per share. Analysts estimates typically exclude special items.
Gross profit rose 4.7 percent to $101.5 million and operating income increased 10.6 percent to $61.2 million.
Revenue increased to $449.51 million from $438.61 million to a first-quarter record. Analysts expected revenues of $456.11 million.
Animal Hospital revenue increased 3.2 percent to $351.6 million, driven by acquisitions made during the past 12 months and same-store revenue growth of 0.5 percent.
Bob Antin, Chairman and CEO, said, "While weather presented challenges of historical proportions, we were certainly excited by our ability to achieve revenue growth in both our core Animal Hospital and Laboratory business segments. In addition, we experienced improving results in the latter portion of the quarter and we remain optimistic with respect to our full year 2014 results.''
In February, the company expected full year earnings in the range of $1.62 per share to $1.72 per share, adjusted earnings excluding amortization of $1.77 per share to $1.87 per share and revenue in the order of $1.9 billion to $1.925 billion. This forecast was reaffirmed.
Analysts look for full year earnings of $1.83 per share on revenues of $1.90 billion.
WOOF closed down 0.7 percent at $30.11 on Thursday.
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