King of Prussia, Pa.-based Universal Health Services posted a net income of $289.2 million in the second quarter of 2024, a 68.8% increase from the $171.3 million it posted in the same quarter last year, according to its July 24 earnings report.
Five things to know:
1. The for-profit health system posted revenues of $3.9 billion in the three months ended June 30, up from $3.5 billion in the same quarter in 2023.
2. Total operating expenses were $3.5 billion in the quarter, up from $3.3 billion in the same period last year.
3. Salaries, wages and benefits totaled $1.9 billion for the quarter, up from $1.8 billion last year.
4. Supply expenses were $388.1 million in the quarter, up from $380.3 million last year.
5. Based on operating trends and financial results experienced in the first half of 2024, UHS is raising its 2024 forecast. The system is expecting an adjusted EDITA between $2.15 billion and $2.23 billion for the year ending Dec. 31. That's up from its previous forecast of $1.93 billion and $2.02 billion.