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The company reported net income for the third quarter of $51.1 million or $1.03 per share, compared to $37.0 million or $0.73 per share for the year-ago quarter.
On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.88 per share for the third quarter.
Net revenues for the third quarter increased 4% to $1.30 billion from $1.24 billion in the same quarter last year. Fifteen analysts had a consensus revenue estimate of $0.88 per share for the third quarter.
At the company's acute care hospitals, inpatient admissions on a same facility basis increased 0.5%, while patient days decreased 2.2% in the third quarter. Third quarter net revenues at these facilities increased 5.3% from last year. On a same facility basis, operating margin at the company's acute care hospitals increased to 13.0% in the third quarter from 11.6% a year earlier.
At the company's behavioral health care facilities, inpatient admissions on a same facility basis increased 2.1% and patient days increased 1.4% in the third quarter. Third quarter net revenues at these facilities increased 3.6% from last year. On a same facility basis, operating margin at the company's behavioral health care facilities increased to 25.2% in the third quarter from 23.5% in the third quarter of last year.
For the first nine months, the company reported net income of $199.5 million or $4.04 per share, compared to $152.9 million or $2.99 per share for the same period last year.
Excluding items, adjusted net income for the 2009 nine-month period was $189.7 million or $3.84 per share.
Net revenues for the nine-month period increased 3% to $3.91 billion from $3.79 billion in the prior year period.
Looking forward, the company raised its full year 2009 guidance for earnings from continuing operations to a range of $4.65 to $4.80 per share from its prior guidance of $4.40 to $4.55 per share. The latest guidance range include net favorable impact of $0.20 per share resulting from items consisting of the favorable impact resulting from the reduction to the company's professional and general liability self-insurance reserves and the unfavorable impact resulting from the discrete tax item.
Analysts currently expect the company to earn $4.60 per share for the full year 2009.
Among others in the industry, Tenet Healthcare Corp. (THC | Quote | Chart | News | PowerRating) last month raised its profit and revenue forecasts for 2009 on better-than-expected interim results for the third quarter as well as a strong performance during the traditionally weak summer months.
Earlier this week, Community Health Systems Inc (CYH | Quote | Chart | News | PowerRating) reported third quarter profit that increased 18.5% from last year, helped by revenue from recent acquisitions and improved profit margins.
Universal Health shares, which have traded in a range of $30.43 to $66.64 over the past year, closed Thursday's regular trading session at $60.72, up $2.97 or 5.14% and gained an additional $1.07 or 1.76% in after hours trading.
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