American Renal Associates (ARA) Tops Q3 EPS by 4c, COO to Step Down
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American Renal Associates (NYSE: ARA) reported Q3 EPS of $0.28, $0.04 better than the analyst estimate of $0.24. Revenue for the quarter came in at $193 million versus the consensus estimate of $189.73 million.
Departure of Chief Operating Officer:
In addition to the Company’s third quarter results, ARA announced today that John McDonough has agreed to step down from his role as Executive Vice President, Chief Operating Officer and Treasurer, effective December 31, 2016. The Company and Mr. McDonough expect to enter into a consulting arrangement for a period after December 31, 2016. Mr. McDonough’s operational duties will be shared by other members of ARA's senior operations management team, reporting to Mr. Carlucci and Syed Kamal, President.
“I want to thank John for the significant contributions he has made to ARA since joining the Company in 2003. In both financial and operational roles, John has had a significant impact on ARA’s growth and success. Our staff, physician partners and the entire ARA team are grateful for his service to the Company,” said Joe Carlucci. “We are fortunate to have a deep, experienced and operationally-focused team at ARA, which is a credit to John’s years of leadership and allows us to manage the business effectively and facilitate transitions such as this one.”
“I am confident that the ARA team is well-positioned to continue to execute on its differentiated strategy. I look forward to working with the senior management team and other dedicated ARA staff in the coming months as I begin my transition from the Company,” said John McDonough. “I am proud to have played a role in ARA’s evolution, and I strongly believe the Company’s partnership model is the right approach to delivering the highest quality care to dialysis patients.”
For earnings history and earnings-related data on American Renal Associates (ARA) click here.
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