Acquisitions Boost VCA Antech’s Quarter

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VCA Antech Inc. said acquisitions boosted its fourth quarter net income. The veterinary services provider also expects to meet Wall Street’s expectations for the current year.

Late Thursday, the Los Angeles company reported net income of $25.7 million (30 cents per share), up 5 percent from $24.6 million (29 cents) a year ago. Revenue grew 7 percent to $303 million. The company, which operates animal hospitals and laboratories, said it acquired eight hospitals with annualized revenue of more than $31.7 million during the quarter.

Analysts surveyed by Thomson Reuters on average forecast profit of 23 cents per share on revenue of $305 million. Analysts’ estimates typically exclude one-time items.

Full-year 2008 earnings grew 10 percent to $133 million ($1.55). Annual revenue rose 10 percent to $1.28 billion.

VCA said it expects 2009 net income in a range of $135 million to $141 million ($1.56 to $1.63), on revenue of $1.36 billion to $1.39 billion. Analysts on average expect net income of $1.61 per share and revenue of $1.37 billion.

“Although the challenging economic environment has impacted our ability to maintain historical organic growth rates, we have extended our long record of revenue and earnings growth,” said Chief Executive Bob Antin in a statement.

VCA shares closed up $2.06, or 10 percent to $22.62 on the Nasdaq Friday.

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