ModivCare Analysts Cut Their Forecasts After Q4 Results



ModivCare Inc. (NASDAQ: MODV) posted upbeat earnings for its fourth quarter but issued weak sales forecast for the first quarter.

ModivCare posted adjusted earnings of $1.29 per share, beating market estimates of $1.28 per share. The company’s quarterly sales came in at $702.83 million versus expectations of $696.72 million, according to data from Benzinga Pro.

“We delivered solid financial results for 2023 with revenue and adjusted EBITDA meeting our guidance. Our NEMT revenue grew 9% during the fourth quarter driven by a 13% increase in trips, while our personal care and remote patient monitoring segments continued to grow nicely,” stated …

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