(RTTNews) -  Monday, hospital operator Health Management Associates Inc. (HMA: News ) reported a sharp increase in profit for the third quarter on higher revenues, compared with year-ago period.

The Naples, Florida based company's net income attributable to common stockholders surged to $25.44 million for the third quarter, from $10.81 million in the year-ago quarter. On a per share basis, earnings were $0.10 compared with $0.04 per share reported last year.

Income from continuing operations increased to $31.29 million from $19.97 million lasts year. The prior-year period included $0.02 charges related to the company's discontinued operations, excluding which, earnings per share jumped to $0.10 per share from $0.06 per share reported last year.

On average, 23 analysts polled by Thomson Reuters expected the company to earn $0.09 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter increased to $1.12 billion from $1.06 billion in the comparable quarter last year. For continuing operations, net revenue increased 5.8%, compared with the prior year's third quarter.

Wall street analysts expected the company to report revenues of $1.13 billion for the third quarter.

During the quarter, admissions increased 5.4%, adjusted admissions increased 7.0%, emergency room visits increased 12.9% and surgeries declined 0.2%.
Gary Newsome, President and Chief Executive Officer said, "Our growth in patient volumes and operating earnings continued during the third quarter, as we benefited from the successful implementation of our proven operating strategies that focus on emergency room operations, physician recruitment and service development."

Income from operations for the third quarter was $97.59 million, compared with $81.92 million reported in the same period last year.

For the nine months, net income attributable to common stockholders was lower at $104.05 million or $0.42 per share compared with $161.11 million or $0.66 per share one year ago. Income from continuing operations was $122.7 million or $0.42 per share, compared with $185.47 million or $0.72 per share in the prior-year period.

HMA reported net revenue of $3.41 billion for the nine month period, which compares to $3.27 billion reported in the same period one year ago.

HMA shares finished Monday's regular trading sessions at $7.48, up by 3 cents or 0.40% on the NYSE.

In after hours trading, shares gained 0.54% or 4 cents.

To receive FREE breaking news email alerts for Health Management Assoc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com