Lafayette-based home nursing and hospice company LHC Group reported its third-quarter profit climbed to $10.9 million, or 61 cents per share, compared to $9.6 million, or 54 cents per share, a year ago.
Stock analysts surveyed by Zacks Investment Research had forecast earnings of 60 cents per share.
However, the 2017 results included $129,000 in costs associated with closing one location for poor performance and $483,000 for a joint venture with Christus Health. Without those expenses, LHC would have earned $11.5 million, or 64 cents per share.
LHC acquired 21 Christus locations in Louisiana, Texas, Arkansas and Georgia under the agreement. The joint venture is expected to generate $80 million in annual revenue and contribute to earnings in 2018.
LHC raised its 2017 guidance for both revenue and earnings. The company expects net service revenue in the range of $1.05 billion to $1.06 billion, up from the previous range of $1.03 billion to $1.045 billion. The company expects earnings of $2.35 to $2.40, up from the previous range of $2.30 to $2.40.
Keith G. Myers, LHC chairman and chief executive officer, said the company has work ahead to deliver the expected performance from its hospice business and to execute on a pipeline of new locations and acquisition and joint venture opportunities. But he is confident in the 2017 growth expectations and expects strong growth in 2018.