LOUISVILLE, Ky. — Res-Care Inc. is reaffirming a full-year profit outlook between $1.24 and $1.28 per share on projected revenue of $1.43 billion. In 2006, the company earned $1.11 per share on revenue of $1.3 billion.
Chief Executive Ralph Gronefeld said the company’s recent acquisition of Kelly Home Care Services bodes well for the company’s future earnings. “We expect that home care will continue to be a rapidly growing sector as demand increases with the aging of the American population.”
Blogger’s note: Res-Care has become the largest consolidator of private duty home care companies in the country. Their Kelly acquisition is just the most recent in a series of purchases of non-medical home care companies. While the Private Duty Home Care sector remains highly fragmented, there are a few companies like Res-Care who are purchasing companies and growing their “company owned” locations.