VCA Antech 1Q Profit, Revenue Rise Slightly

LOS ANGELES (AP) — Veterinary services provider VCA Antech Inc. said its first-quarter profit edged up nearly 3 percent as recent acquisitions of animal hospitals boosted revenue.

For the three months ended March 31, VCA reported net income of nearly $32 million, or 37 cents per share, up from $31.2 million, or 36 cents per share, in the year-ago quarter.

The latest quarter's profit narrowly beat the 36-cent-per-share consensus forecast of analysts surveyed by Thomson Reuters.

Revenue rose 3 percent to nearly $315.9 million from $307.8 million, short of analysts' forecast of nearly $328.6 million.

Animal hospital revenue increased 5 percent to $238.4 million, driven by acquisitions of nine animal hospitals in the quarter. Profit margins at the hospitals remained essentially unchanged.

Laboratory revenue rose 1 percent to $77.5 million, while laboratory profit margins declined slightly.

The Los Angeles-based company also affirmed expectations for full-year 2009 net income in the range of $135.2 million to $141.1 million, or $1.56 to $1.63 per share, and full-year revenue of $1.36 billion to $1.39 billion.

The forecast is in line with analysts' consensus forecast of a full-year profit of $1.59 per share on revenue of nearly $1.37 billion.

VCA Antech reported quarterly results after its shares rose $1.33, or nearly 5.8 percent, to close at $24.31. In after-hours trading, the stock fell $1.11, or nearly 4.6 percent, to $23.20.