Shares of Aveanna Healthcare Holdings rose after the home-care provider reported an increase in second-quarter revenue and profit and raised its full-year outlook.

The stock rallied 18% to $10.68 at midday on Thursday, after reaching a five-year high of $10.91 cents earlier in the trading session.

Net income in the second quarter rose to $40.3 million, or 18 cents a share, from $27.0 million, or 13 cents a share, a year earlier.

Adjusted earnings per share were 22 cents a share. Analysts polled by FactSet estimated 17 cents a share.

Aveanna said that revenue rose 14% to $670.5 million from $589.6 million a year earlier, beating Wall Street analysts' expectation of $638.6 million. The company said growth was driven by increases across its three business segments, led by its private-duty services business.

Chief Executive Jeff Shaner said the results reflected the continued success of the company's preferred-payor and government-affairs strategies.

Aveanna raised its forecast for revenue to more than $2.68 billion, up from a previous range of $2.63 billion to $2.65 billion.