Revenue rises but profit slips
Times Wire Reports
DaVita Inc., the El Segundo-based operator of kidney dialysis centers, said profit fell less than 1% from a year earlier, when the company had gains from insurance settlements and the sale of securities.
Net income fell to $93.9 million, or 89 cents a share, in the third quarter from $94.5 million, or 88 cents, a year ago. That nearly matched the 89-cent estimate of analysts surveyed by Bloomberg.
Revenue rose 9.8% to $1.45 billion. While that exceeded the $1.42-billion analyst estimate, the gain was eroded by higher patient-care costs and provisions for bad debt.
Shares of the company fell $3.99, or 7%, to $52.76
