Seven of the largest for-profit hospital operators reported quarterly earnings over the past several weeks. All recorded third-quarter earnings for fiscal year 2013.
In the quarter ended Sept. 30, the big seven hospital companies recorded a cumulative net profit of $442.8 million. They also posted more than $18.3 billion in quarterly revenue in the most recent three-month period.
Hospital Corporation of America and Universal Health Services again were the major drivers of the profit and revenue totals. In addition, several companies continued to post lower earnings due to soft volumes and high regulatory expenses.
Here are the quarterly financials of all seven hospital companies, starting with the most recently released. Note: Franklin, Tenn.-based IASIS Healthcare has not yet posted its fourth-quarter and year-end financials for 2013, but a spokeswoman said an earnings call will take place later this week.
1. Naples, Fla.-based Health Management Associates posted a net loss of $96.6 million in the third quarter of this year, compared with a $40.9 million net profit in the same period last year, but the troubled for-profit hospital operator finally announced its new board fully endorsed its pending merger.
2. Franklin, Tenn.-based Capella Healthcare lost $5.1 million in the third quarter, although revenue and adjusted EBITDA both increased year-over-year.
3. Nashville, Tenn.-based Hospital Corporation of America's third quarter lived up to expectations, as net income grew 1.4 percent to $365 million.
4. Net income at Dallas-based Tenet Healthcare Corp. dropped 30 percent in the third quarter of this year, from $40 million to $28 million, due to soft admissions and one-time nonrecurring expenses.
5. The third quarter was far from rosy for Franklin, Tenn.-based Community Health Systems, as net income at the for-profit hospital operator plummeted 91 percent to $4.1 million due to poor admissions and expenses related to Department of Justice investigations.
6. The third quarter for King of Prussia, Pa.-based Universal Health Services was healthy, as net income increased 60 percent from the third quarter of 2012 to $114.6 million.
7. Brentwood, Tenn.-based LifePoint Hospitals recorded $32.8 million of profit in the third quarter of this year, a 71 percent jump from the third quarter of 2012 and the best quarter of the company's 2013 fiscal year.
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