CLEARWATER, Fla. (AFX) - Lincare Holdings Inc., a provider of home-care respiratory therapy services, said Monday that its second-quarter profit rose 4 percent as higher revenue helped offset a 15 percent increase in costs.
Net income grew to $51.9 million, or 52 cents per share, from $50.1 million, or 48 cents per share, a year ago. Revenue rose 11 percent to $350.1 million from $315.2 million last year.
Analysts surveyed by Thomson Financial expected earnings per share of 51 cents on revenue of $345.6 million.
The company said it grew organically by 12 percent with an added 2 percent contribution from acquisitions, and said Medicare price reductions reduced growth by 3 percent.
Costs of goods and services rose 15 percent to $77.9 million from a year ago.
Lincare shares rose 82 cents, or 2.2 percent, to close at $38.93 on the New York Stock Exchange.
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