DaVita Q3 Profit Tumbles, Cuts FY22 Outlook

(RTTNews) - DaVita Inc. (DVA) Friday reported a fall in third-quarter earnings, despite a slight increase in revenue.

The provider of kidney dialysis services recorded a quarterly profit of $164.69 million or $1.13 per share compared to $319.75 million or $2.36 per share last year. On an adjusted basis, earnings were $1.45 per share.

On average, 6 analysts polled by Thomson Reuters expected the company to earn $1.77 per share. Analysts' estimates usually exclude special items.

Total revenue for the quarter increased to $2.948 billion, up from $2.938 billion in the previous year.

The company said the third quarter was challenging quarter as negative volume trends due to COVID and continued labor pressure impacted its financial performance more than expected.

Looking ahead to the full year 2022, the company expects adjusted earnings per share in a range of $6.20-$6.70, while the previous outlook was in a range of $7.50 -$8.50 per share. Wall Street expects $7.72 per share.