Hospital operator
Health Management Associates Inc.
said Monday its profit climbed 17 percent in the fourth quarter, aided by a large gain from early debt retirement.
The company reported net income of $14.5 million, or 6 cents per share. That compares with $12.5 million, or 5 cents per share, a year earlier. Excluding one-time items, Health Management Associates
) said it earned 7 cents per share from continuing operations. Revenue grew 3 percent, to $1.11 billion from $1.08 billion.
The results matched Wall Street estimates. Thomson Reuters said analysts expected a profit of 7 cents per share and $1.11 billion in revenue.
One-time items during the quarter included a $26.4 million gain on the early extinguishment of debt, and a $6.2 million investment impairment.
Health Management Associates operates 56 hospitals, and during the quarter, admissions fell 0.2 percent to 76,562. Including both inpatient and outpatient admissions, adjusted admissions increased 1.1 percent, reaching 132,965. Revenue per adjusted admission grew 2.1 percent. Surgical procedures decreased 2.3 percent to 67,898.
For the year, Health Management Associates’ profit rose 39 percent, to $167.2 million, or 68 cents per share, from $119.9 million, or 49 cents per share. Revenue grew 4 percent, to $4.45 billion from $4.29 billion.
In aftermarket trading, Health Management Associates shares jumped 24 cents, or 14.6 percent, to $1.89. In the regular session, the stock fell 1 cent to $1.65.
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