Net income attributable to Nashville, Tenn.-based Hospital Corporation of America in the third quarter of 2011 was $61 million, down 75 percent from $243 million in net income reported in the same quarter of 2010, according to an HCA news release.
The large decrease in profit resulted from pretax losses on retirement of $406 million of debt, according to the release.
HCA's net revenue in the third quarter of 2011, $7.3 billion, was 5.5 percent higher than the third quarter of 2010. HCA's revenue growth was primarily driven by increased volume. Same-facility equivalent admissions increased 3.8 percent while same-facility admissions increased 3.2 percent, both compared to the third quarter of 2010.
For the nine months ended Sept. 30, 2011, HCA's net income was $530 million, down 42.6 percent from last year's nine-month net income of $924 million. Net revenue for the first nine months of 2011 totaled $22 billion, up 5.4 percent from the first nine months of 2010.
HCA CEO Richard Bracken said the company achieved its third quarter results with "strong volumes and effective cost management, despite a challenging economic environment and pressure on payment rates." Additionally, HCA repurchased nearly 16 percent of its outstanding shares in the third quarter and completed its transaction of the Colorado Health Foundation's HCA-HealthONE joint venture for $1.45 billion, one of the largest acquisitions in HCA's history.
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The large decrease in profit resulted from pretax losses on retirement of $406 million of debt, according to the release.
HCA's net revenue in the third quarter of 2011, $7.3 billion, was 5.5 percent higher than the third quarter of 2010. HCA's revenue growth was primarily driven by increased volume. Same-facility equivalent admissions increased 3.8 percent while same-facility admissions increased 3.2 percent, both compared to the third quarter of 2010.
For the nine months ended Sept. 30, 2011, HCA's net income was $530 million, down 42.6 percent from last year's nine-month net income of $924 million. Net revenue for the first nine months of 2011 totaled $22 billion, up 5.4 percent from the first nine months of 2010.
HCA CEO Richard Bracken said the company achieved its third quarter results with "strong volumes and effective cost management, despite a challenging economic environment and pressure on payment rates." Additionally, HCA repurchased nearly 16 percent of its outstanding shares in the third quarter and completed its transaction of the Colorado Health Foundation's HCA-HealthONE joint venture for $1.45 billion, one of the largest acquisitions in HCA's history.
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