Medifast Inc., an Owings Mills-based provider of portion-controlled weight-loss programs, said Monday it had higher-than-expected first-quarter earnings, fueled by strong sales in its three business categories.
The company, which sells diet food and offers coaching programs for dieters, had strong quarter-over-quarter revenues from its direct sales, direct marketing and weight-loss center operations.
Revenues rose 23 percent to $74.3 million in the quarter ended March 31, compared with $60.6 million in the similar quarter last year. Medifast's quarterly profit rose to $6.4 million, or 44 cents per diluted share, compared to $4.9 million, or 33 cents per share for last year's first quarter.
Analysts had expected profit of 41 cents per share in the quarter, according to MarketWatch.