Chemed earnings up 19% in Q1, updates FY2015 guidance

• Chemed (NYSE:CHE -1.5%) Q1 results: Revenues: $376.7M (+5.1%); COGS: $268.9M (+4.3%); SG&A: $58.6M (+5.2%); Operating Income: $40.6M (+10.6%); Net Income: $24.5M (+18.9%); EPS: $1.40 (+25.0%); Quick Assets: $28.3M (-28.4%); CF Ops: $12.4M (+205.1%).
• 2015 Guidance: VITAS revenue growth (before Medicare Cap): 3 - 4%; Admissions growth: 4%; Adjusted EBITDA margin (prior to Medicare Care Cap): 14 - 15%; Medicare Cap Billing: $4.3M; Roto - Rooter revenue growth: 3 - 4%; Adjusted EPS: $6.50 - 6.70.