Health Care
Community Health Beats Fourth-Quarter Forecasts
The Associated Press
02/19/09 - 05:53 PM EST
Franklin, Tenn. -- Community Health Systems (CYH Quote), the largest publicly traded hospital operator in the United States, reported a fourth-quarter profit Thursday against a year-earlier loss that was hurt by hefty buyout charges.
The company earned $59.9 million, or 65 cents per share, compared with a loss of $88.3 million, or 94 cents per share, during the same period a year prior when it saw hefty charges for the buyout of Triad Hospitals Inc. Revenue rose 11% to $2.76 billion from $2.49 billion.
Analysts polled by Thomson Reuters expected profit of 60 cents per share on revenue of $2.82 billion.
Though total admissions rose nearly 2%, same-facility admissions, or admissions at facilities open at least a year, fell just under 1%.
"While the expected macro economic trends indicate that hospital volumes will continue to come under pressure, we believe our continued success in enhancing essential health care services and recruiting and retaining qualified physicians in our markets will help support our growth through this uncertain environment," said Chairman, President and Chief Executive Wayne T. Smith, in a statement.
For the full year, the company earned $218.3 million, or $2.32 per share, compared with profit of $30.3 million, or 32 cents per share, in 2007. Revenue rose 53% to $10.84 billion from $7.06 billion.
Shares of Community Health rose 19 cents to $18.89 in after-hours trading after the earnings report was released. In the regular session, the stock gained 19 cents to close at $18.70.