Tucson-based Providence Service posts higher profits

2013-11-06T15:20:00Z 2013-11-06T17:06:07Z Tucson-based Providence Service posts higher profitsArizona Daily Star Arizona Daily Star

Tucson-based Providence Service Corp. on Wednesday posted higher third-quarter earnings on higher profit margins in its non-emergency transportation business, but its revenue fell slightly on changes to transportation contracts.

Providence, which provides counseling and other services under state contracts, reported third-quarter net income of $3.5 million, or 25 cents per share, compared with earnings of $1.2 million and 9 cents per share in the same period last year.

The company reported revenue of $276.7 million, down 1 percent from third-quarter 2012. Analysts polled by Thomson Financial Network expected earnings of 26 cents per share and revenues of $276 million.

Revenue from Providence's non-emergency transportation business decreased 2 percent due to a change in contract status in Connecticut and the voluntary termination of contracts in Wisconsin effective July 31, the company said after markets closed Wednesday.

Contact Assistant Business Editor David Wichner at dwichner@azstarnet.com or 573-4181.

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