Universal Health Jumps

Shares rise on an earnings beat.
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Universal Health Services

(UHS) - Get Report

said its third-quarter earnings jumped, aided by hurricane related insurance recoveries.

The King of Prussia, Pa.-based hospital company earned $113.9 million, or $2.00 a share, in the quarter, compared with $8.3 million, or 15 cents a share, a year ago. Income from continuing operations was $114 million, or $2.00 a share, in the quarter, compared with $9.5 million, or 17 cents a share, a year ago. Adjusting for the hurricane-related insurance recoveries, net of hurricane-related expenses, and prior period effect of supplemental reimbursements and other items, income from continuing operations in the third quarter was $30.7 million, or 54 cents a share, in the quarter, compared with $29.6 million, or 54 cents a share, a year ago.

Analysts polled by Thomson First Call were estimating earnings of 62 cents a share.

Third-quarter revenue rose 7.5% from the year-ago period to $1.04 billion.

Operating profit rose 1.4% to $127.6 million and operating profit margin declined 80 basis points to 12.2%.

During the quarter, inpatient admissions at the company's acute care hospitals rose 1.9%, excluding Louisiana facilities, and patient days increased 4.8%. At Universal's behavioral health clinics, inpatient admissions rose 3% and patient days increased 1.2%.

Shares rose $2.16 to $55.01.

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