Universal Health Net Falls

The first quarter beats by 2 cents.
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Universal Health Services

(UHS) - Get Report

said first-quarter earnings fell 11.1%, affected by the closure of hospitals after Hurricane Katrina.

The King of Prussia, Pa.-based hospital company earned $51.08 million, or 88 cents a share, in the quarter, compared with $61.41 million, or 99 cents a share, a year ago. Adjusted for items, the company earned 73 cents a share from continuing operations. Analysts polled by Thomson First Call were estimating earnings of 71 cents a share.

First-quarter revenue rose by 2% from the year-ago period to $1.03 billion, in line with analysts expectations.

First-quarter earnings included an after tax hurricane insurance recoveries, net of hurricane related expenses of $9 million, or 14 cents a share.

Adjusted operating profit fell 12.3% to $140.44 million while operating margin fell 223 basis points to 13.6%.

During this quarter, inpatient admissions at the company's acute care hospitals rose 1.2%, excluding Louisiana facilities, and patient days increased 20 basis points. At Universal's behavioral health clinics, inpatient admissions rose 5.9 % and patient days increased 3.4 %.

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