CorVel reports higher quarterly profit, lower revenue

CorVel Corp. on Tuesday posted net income of nearly $11.4 million for its fiscal third quarter ended Dec. 31, up from $9.4 million in the year-earlier period.

The Irvine, California-based third-party administrator attributed the higher profit to its operational performance and increased business development, as well as record new sales, according to a statement.

CorVel posted fiscal third-quarter revenue of $142 million, down from $148 million in the year-earlier period.

Revenue for the first nine months of its fiscal year totaled $407 million, down from $445 million. Net income totaled $31.5 million, down from $35.6 million.