Baton Rouge home health giant Amedisys Inc. reported its first-quarter earnings slipped to $5.5 million, or 18 cents per share, compared to $15.3 million, or 54 cents per share, a year ago.
However, the company’s revenue increased 3.2 percent to $370.8 million. Amedisys’ results included a loss of $1 million, or 4 cents per share, from discontinued operations, which include the cost to close offices.
Without that charge, Amedisys had net income of $6.5 million, or 22 cents per share, results that fell in line with stock analysts’ forecasts. Analysts surveyed by Thomson Reuters expected earnings of 22 cents per share on revenue of $366.7 million.
Amedisys reaffirmed its 2012 earnings guidance, with earnings per share ranging from 95 cents to $1.10 on revenue of $1.475 billion to $1.525 billion. The projections do not include the effects of any share repurchases, one-time costs or charges, or changes in Medicare payments.
Analysts had forecast 2012 earnings of $1.01 per share.
The first-quarter results met expectations, and Amedisys is on track to meet its plans for the year, Chief Executive Officer William F. Borne said in a news release. The organization changes made in the second half of 2011 are improving the company’s results.
“The health care industry is in the midst of significant changes brought on by cost pressures and reform legislation,” Borne said in a news release. “We see opportunity in these changes and are working to position the company for the industry’s long term favorable trends, including patient preference for care delivered at home, the lowest cost setting for care and growing demographics.”