King of Prussia, Pa.-based Universal Health Services saw revenues increase in the third quarter of 2019, but its profit dropped 43 percent year over year.
UHS' revenues increased 6.6 percent year over year to $2.8 billion in the third quarter of 2019. The company's acute care hospitals and behavioral healthcare facilities contributed to the revenue growth. Revenues from UHS' acute care services were up 9.3 percent year over year in the third quarter of 2019, while revenues from behavioral healthcare services climbed 2.1 percent on a same facility basis.
UHS saw expenses increase from $2.4 billion in the third quarter of 2018 to $2.6 billion in the same period of 2019. The company reported higher expenses across all categories, including labor and supplies costs.
The company's income from operations dropped nearly 27 percent year over year. After factoring in nonoperating items, including asset impairment charges and an increase in its reserve to settle a federal investigation, UHS ended the third quarter of 2019 with net income of $97.2 million. The company reported net income of $171.7 million in the third quarter of 2018.
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