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.