HCA Holdings Q3 Profit Rises - Update

(RTTNews) - Health care service provider HCA Holdings Inc. (HCA), Tuesday reported an increase in profit for the third quarter, driven largely by higher revenues and improvement in admissions. Earnings for the quarter easily beat analysts' expectations, while revenues also trumped estimates.

HCA Holdings said same facility equivalent admissions increased 1.1 percent in the third quarter, while same facility admissions increased 0.7 percent. Revenue per same-facility equivalent admission increased 3.9 percent in the third quarter while same facility inpatient surgeries increased 2.9 percent.

Nashville, Tennessee-based HCA's third-quarter profit rose to $365 million or $0.79 per share from $360 million or $0.78 per share last year. On average, seventeen analysts polled by Thomson Reuters expected earnings of $0.76 per share for the quarter. Analysts' estimates typically exclude one-time items.

HCA's revenues for the third quarter rose to $8.45 billion from $8.06 billion a year ago. Revenues before provision for doubtful accounts were $9.41 billion, up from prior year's $8.89 billion. Analysts expected revenues of $8.42 billion for the quarter.

Looking forward, the company said it now expects full-year adjusted earnings before interest, taxes, depreciation and amortization to be near the upper-end of its guidance range of $6.25 to $6.50 billion.

As of September 30, 2013, HCA operated 162 hospitals and 114 freestanding surgery centers.

HCA is currently trading at $46.02, down $1.72 or 3.60%, on the NYSE.