Thursday, Healthcare services provider Community Health Systems, Inc. (CYH) reported higher net income for its second quarter, helped by a 12.9% increase in revenues. The company's quarterly earnings per share from continuing operations rose and came in above analysts' expectations by six cents.
The second quarter results reflect a 5.8% increase in total admissions compared to last year, due primarily to acquisitions during the past twelve months.
The Franklin, Tennessee-based company reported net income to Community Health Systems for the second quarter of $59.44 million or $0.65 per share, compared to $47.89 million or $0.50 per share in the year-ago quarter.
Income from continuing operations for the quarter increased to $74.50 million or $0.66 per share from $55.39 million or $0.50 per share in the year-ago quarter.
On average, twenty analysts polled by Thomson Reuters expected the company to earn $0.60 per share for the quarter. Analysts' estimates typically excludes special items.
Net operating revenues for the quarter increased 12.9% to $3.02 billion from $2.67 billion in the prior-year quarter. Fifteen analysts had a revenue consensus of $2.90 billion for the quarter.
On a same-store basis, net operating revenues increased 6.7%, while admissions, on a same-store basis, decreased 0.4% but adjusted admissions were up 1.7%, compared with the same period in 2008.
Income from operations income for the second quarter rose to $261.40 million from $228.45 million in the prior-year quarter, and total operating costs and expenses were $2.76 billion, up from $2.44 billion in the year-ago quarter.
For the six-month period, net income attributable to the company increased to $118.35 million or $1.31 per share from $108.02 million or $1.14 per share in the same period last year.
Net operating revenues for the first half of fiscal 2009 increased to $5.93 billion from $5.38 billion in the similar period of 2008. CYH closed Thursday's regular trading at $29.98, up $0.24 or 0.81% on a volume of 1.8 million shares. Further, the stock gained $0.02 or 0.07% in the after-hour trade.
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