BETHESDA, Md.—Shares of Hanger Orthopedic Group Inc. jumped on Tuesday, after the company reported its first-quarter profit more than doubled due to stronger results from its patient care business, and upped its full-year forecast.
The company, which operates rehabilitation centers for people with braces or prosthetics, reported net income after paying preferred dividends of $3.1 million, or 12 cents per share, compared with $1.4 million, or 6 cents per share, a year ago.
Revenue grew 10 percent to $157.7 million from $143.9 million, in the year-earlier period. The company attributed the rise to growth from its patient care business which increased 4.2 percent, and a nearly 26 percent increase in outside sales of its distribution business.
Analysts polled by Thomson Financial expected more modest earnings of 10 cents per share, with revenue of $154 million.
Looking ahead, the company boosted its full-year guidance to 75 cents to 77 cents per share, from a prior view of 70 cents to 72 cents per share.
Wall Street projects a full-year profit of 72 cents per share.
Hanger Orthopedic shares gained 93 cents, or 8.7 percent, to $11.58 in afternoon trading. The stock has ranged between $8.61 and $13.30 over the past 52 weeks, and is down 3 percent since the start of the year.
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