Third-quarter profit for Nashville, Tenn.-based Hospital Corporation of America hit earlier estimates of $360 million, which is significantly higher than last year but lower than expectations from the beginning of the quarter.
HCA released preliminary third-quarter finances two weeks ago, with estimates mirroring today's results.
HCA's net income in the third quarter of 2011 was only $61 million, but $406 million in losses on the early retirement of debt ate away at that figure. HCA Chairman and CEO Richard Bracken said in a news release the company was still "pleased with the results of the third quarter," especially considering the "challenging economic environment."
Revenue grew at a healthy clip of 11 percent in the third quarter, from $7.26 billion in 2011 to $8.06 billion this year. HCA also received $131 million in Medicare and Medicaid electronic health record incentives across its system in the third quarter.
For the first nine months of 2012, HCA's profit was up 144 percent, totaling $1.29 billion. Total revenue increased 12.2 percent in the first nine months, from $21.9 billion to $24.6 billion. HCA's adjusted EBITDA in the third quarter and first nine months of 2012 was $1.53 billion and $4.93 billion, respectively. HCA also had $472 million of cash and cash equivalents on hand through the first nine months.
HCA's same-hospital admissions and equivalent admissions jumped 2.1 percent and 2.6 percent in the third quarter, differing from most other for-profit operators who reported general declines in third-quarter admissions. Same-hospital inpatient surgeries fell 2.1 percent, though, and outpatient surgeries dropped 0.8 percent. Emergency room visits rose 7.4 percent.
HCA released preliminary third-quarter finances two weeks ago, with estimates mirroring today's results. HCA's net income in the third quarter of 2011 was only $61 million, but $406 million in losses on the early retirement of debt ate away at that figure. HCA Chairman and CEO Richard Bracken said in a news release the company was still "pleased with the results of the third quarter," especially considering the "challenging economic environment."
Revenue grew at a healthy clip of 11 percent in the third quarter, from $7.26 billion in 2011 to $8.06 billion this year. HCA also received $131 million in Medicare and Medicaid electronic health record incentives across its system in the third quarter.
For the first nine months of 2012, HCA's profit was up 144 percent, totaling $1.29 billion. Total revenue increased 12.2 percent in the first nine months, from $21.9 billion to $24.6 billion. HCA's adjusted EBITDA in the third quarter and first nine months of 2012 was $1.53 billion and $4.93 billion, respectively. HCA also had $472 million of cash and cash equivalents on hand through the first nine months.
HCA's same-hospital admissions and equivalent admissions jumped 2.1 percent and 2.6 percent in the third quarter, differing from most other for-profit operators who reported general declines in third-quarter admissions. Same-hospital inpatient surgeries fell 2.1 percent, though, and outpatient surgeries dropped 0.8 percent. Emergency room visits rose 7.4 percent.
More Articles on HCA:
For-Profit Hospital Stock Report: Week of Oct. 22-26, 2012
CEO, CFO of HCA's Central Group to Retire in 2013
HCA Expansion to Create 2,000 Jobs in Nashville Area