Universal Health Net Falls

It misses estimates.

Author:: TSC and IRIS Staff
Publish date:: Feb 28, 2006 7:48 AM EST

Universal Health Services

said fourth-quarter earnings fell 67%, hit by the closure of facilities damaged by hurricane Katrina.

The King of Prussia, Pa.-based hospital company earned $12.3 million, or 23 cents a share, in the quarter, compared with $37.2 million, or 61 cents a share, a year ago. Adjusted for items, the company earned $24.8 million, or 45 cents a share. Analysts polled by Thomson First Call were estimating earnings of $ 26.7 million or 48 cents a share.

Fourth-quarter revenue rose by 6.19% from the year-ago period to $967.1 million. Analysts were expecting revenue of $971.5 million.

Fourth-quarter earnings were hit by an aftertax charge of $21 million from the closure of four hospitals damaged by hurricane Katrina.

During this quarter, inpatient admissions at the company's acute care hospitals rose 3.4 percent and patient days increased 1.4 %. At Universal's behavioral health clinics, inpatient admissions rose 7.4 % and patient days increased 2.8 %.

This story was created through a joint venture between TheStreet.com and IRIS.