PR Newswire
DENVER, Nov. 7, 2018
DENVER, Nov. 7, 2018 /PRNewswire/ -- DaVita Inc. (NYSE: DVA) today announced results for the quarter ended September 30, 2018.
Third quarter 2018 financial results - from continuing operations:
Net income (loss): | Three months ended September 30, | | Nine months ended September 30, | |||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | ||||||||
| | (dollars in millions, except per share data) | ||||||||||||||
| Attributable to DaVita Inc.: | | | | | | | | ||||||||
| Net income from continuing operations | $ | 73 | | | $ | 153 | | | $ | 464 | | | $ | 745 | |
| Per share | $ | 0.44 | | | $ | 0.80 | | | $ | 2.66 | | | $ | 3.85 | |
| Adjusted net income from continuing operations(1) | $ | 93 | | | $ | 162 | | | $ | 467 | | | $ | 465 | |
| Per share adjusted(1) | $ | 0.56 | | | $ | 0.85 | | | $ | 2.68 | | | $ | 2.40 | |
| Net (loss) income | $ | (137) | | | $ | (214) | | | $ | 309 | | | $ | 360 | |
| Per share | $ | (0.82) | | | $ | (1.12) | | | $ | 1.77 | | | $ | 1.86 | |
| | | | |||||||||||||
Operating income: | Three months ended September 30, | | Nine months ended September 30, | |||||||||||||
| | 2018 | | 2017 | | 2018 | | 2017 | ||||||||
| | (dollars in millions) | ||||||||||||||
| Operating income | $ | 289 | | | $ | 395 | | | $ | 1,138 | | | $ | 1,662 | |
| Adjusted operating income(1) | $ | 314 | | | $ | 404 | | | $ | 1,143 | | | $ | 1,185 | |
____________________ | |
(1) | For the definitions of non-GAAP financial measures such as adjusted net income from continuing operations attributable to DaVita Inc., see the note titled "Note on Non-GAAP Financial Measures" below. |
Current items impacting operating income:
Advocacy costs: During the three months ended September 30, 2018, we incurred advocacy costs of $45 million in countering union policy efforts, including ballot initiatives. These costs are included in the U.S. dialysis and related lab services segment in general and administrative expenses.
Equity compensation: During the third quarter of 2018, the Company adopted a retirement policy which applies to outstanding equity awards which resulted in additional stock-based compensation expense in the quarter of $23 million related to modification charges and net acceleration of expense. This expense is included in the corporate administrative support segment.
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