Air Methods profit sinks on higher costs, weather

Air Methods Corp., which provides emergency medical air transportation, said its second-quarter profit sank 38 percent, on fewer patient transports and higher-then-expected fuel and maintenance expenses.

The company said late Thursday it earned $4.8 million, or 38 cents per share in the quarter ended June 30, compared with $7.8 million, or 63 cents per share, in the year-ago quarter.

Revenue leaped 41 percent to $128 million from $90.7 million a year earlier, mostly due to the acquisition of CJ Systems Aviation Group Inc.

Analysts were expecting a higher profit of 44 cents per share on revenue of $130.8 million, according to a poll by Thomson Financial.

The company said its profit was hurt as weather cancellations cut its community-based patient transports. Additional aircraft maintenance expenses and fuel costs, which soared 58 percent from a year earlier, also hurt results.

Shares fell 52 cents to $28.04 in afternoon trading.