NORTH KANSAS CITY (dpa-AFX) - Cerner Corp. (CERN) Tuesday reported a rise in fourth-quarter net income to $91 million or $0.52 per share from $70.6 million or $0.41 per share last year.
Excluding items, adjusted earnings for the quarter was $96 million or $0.55 per share, compared to $75 million or $0.44 per share a year ago.
The company reported revenues of $615.6 million, up 23% from $500 million in the prior year.
Street analysts expected the company to earn $0.53 per share and revenues of $587.28 million for the quarter. Analysts' estimates typically excludes special items.
'We delivered outstanding results in Q4 and for the year 2011, including record bookings, revenue, earnings, and cash flow,' Neal Patterson, Cerner chairman, CEO, president and co-founder said.
'We expect to continue to see a strong market for health care IT solutions and services for years to come as the health care industry undergoes a transition from paper to digital records and shifts from volume-based payment programs to programs based on measurements of quality and outcomes...'
The company expects first-quarter adjusted earnings of $0.48 to $0.50 per share and revenues of $565 million to $585 million. Analysts currently expect earnings of $0.49 per share and revenues of $565.19 million.
The company further estimates full year 2012 adjusted earnings of $2.20 to $2.30 per share and revenues of $2.425 billion to $2.5 billion. Analysts expect earnings of $2.25 per share and revenues of $2.46 billion.
North Kansas City, Missouri-based Cerner Corp. designs healthcare information technology, healthcare devices, and content solutions for healthcare organizations and consumers.
On the Nasdaq extended session, CERN shares gained $4.66 or 7.45% to trade at $67.23.
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