HCA Posts Earnings, Revenue Growth

The hospital chain records revenue and EPS growth from a year ago on increasing revenue per patient.

Author:: Michael Dunn
Publish date:: Apr 22, 2002 9:34 AM EDT

HCA

posted first-quarter earnings and revenue growth as revenue per patient increased by 10% in facilities open more than a year.

The largest U.S. hospital chain said its first-quarter net income, before special charges, was $396 million, or 76 cents a share, up from $348 million, or 63 cents a share, a year ago. Analysts polled by Thomson Financial/First Call were expecting 72 cents a share.

On a GAAP basis, the company saw income of $385 million, or 74 cents a share, up from $343 million, or 62 cents a share, in the year-ago quarter, including costs from the U.S. government's ongoing Medicare billing investigation.

Total revenue for the quarter grew to $4.87 billion from $4.50 billion a year ago, falling short of analyst estimates of $4.90 billion.

The company offered no further guidance at this time.

Shares of HCA closed at $48.01 before the news Friday.