Tucson-based Providence posts higher 1Q earnings

2013-05-08T17:19:00Z Tucson-based Providence posts higher 1Q earningsArizona Daily Star Arizona Daily Star
May 08, 2013 5:19 pm  • 

Tucson-based social services provider Providence Service Corp. posted higher first-quarter profits today on growth in its non-emergency transportation business.

The company also announced that Warren Rustand has been appointed CEO of Providence after serving in that role in an interim capacity since November.

Providence reported net income of $6.7 million, or 49 cents per share, in the first quarter, compared with net income of $3 million, or 23 cents per share, in the first quarter of 2012.

First-quarter revenue rose 8 percent to $281.5 million, as Providence’s non-emergency transportation division grew 17 percent, the company said in an earnings release after the close of trading today.

The results beat Wall Street analysts’ average expectation of earnings of 32 cents per share but fell short of analysts’ revenue forecast of $282.5 million, according to data gathered by Thomson Financial.

Providence shares fell 23 cents, or about 1 percent, to $18.47 in trading today on the Nasdaq Stock Market.

Copyright 2015 Arizona Daily Star. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.