Psychiatric Solutions 1Q Profit Rises 11 Percent

FRANKLIN, Tenn. (AP) — Psychiatric Solutions Inc., a provider of behavioral health services, said Tuesday its first quarter profit rose more than 10 percent on increased patient services, driving up shares in late afternoon trading.

Company shares rose $2.15, or 15 percent, to $16.50 in after-hours trading.

Psychiatric Solutions said net income increased 11 percent to $27.5 million, or 49 cents per share during the period, compared with $25.6 million, or 45 cents per share, in the same period last year. Revenue grew 6 percent to $450.4 million.

Those results were even with expectations from Wall Street analysts, who were looking for earnings of 50 cents per share on revenue of $450.4 million.

Chief Executive Joey Jacobs said the results were helped by strong business in March after a lull earlier in the year. The company reaffirmed 2009 earnings guidance between $2.24 and $2.32 per share.

Analysts surveyed by Thomson Reuters expect profit per share of $2.21.