ATLANTA (AP) -- Home-care and hospice operator Gentiva Health Services Inc. said Thursday its loss narrowed dramatically in the third quarter compared with last year's quarter, which was weighed down by a massive write-down of company assets.
The company's total sales fell 6 percent to $424.4 million for the period, but the company's adjusted results still beat Wall Street expectations.
Company shares rose $2.20, or 23.5 percent, to $11.57 in trading Thursday.
The company reported a net loss of $500,000, or 2 cents per share, compared with a net loss of $479.7 million, or $15.82 per share, for the third quarter of 2011. Last year the company took a charge of $643.3 million due to an impairment test of goodwill, intangibles and other long-term assets.
Excluding a charge to write down the value of trade names Gentiva has stopped using, the company would have earned $9.9 million, or 32 cents per share, in the most recent quarter.
This year's performance was better than the average estimate of Wall Street analysts, who expected adjusted earnings per share of 28 cents on revenue of $428.4 million, according to FactSet.
Company management raised their full-year earnings expectation to between $1.20 and $1.30 per share, up from $1 to $1.20.
During the quarter Gentiva acquired three new health facilities in Indiana, Washington and Mississippi.