Home health and hospice company LHC Group in Lafayette reported this week fourth-quarter net income of $18.4 million, or $1.02 per share, compared with $9.8 million, or 55 cents per share, for fourth-quarter 2016.
The 2017 results include a benefit of 75 cents per share from December's federal income overhaul, which was partially offset by increases in Almost Family Inc. merger and other costs of 35 cents per share. With those factored in, fourth-quarter net income would have been $11.2 million, or 62 cents per share, compared with $10.3 million, or 58 per share, in 2016.
Net service revenue increased 24.2 percent in the fourth quarter to $292.4 million from $235.4 million a year earlier.
“The growth we generated in the fourth quarter was consistent with our experience throughout 2017 and helped us exceed our full-year revenue and earnings goals," said Keith G. Myers, LHC Group’s chairman and CEO.
Full-year net income was $50.1 million, or $2.79 per share, compared to $36.6 million, or $2.07 per share, in 2016. Its adjusted net income was $43.5 million, or $2.42 per share, compared with $37.0 million, or $2.10 per share, in 2016.
Annual net service revenue increased 17.2 percent to $1.07 billion from $914.8 million in 2016.