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LifePoint Hospitals 3Q profit rises 24 percent

Fri, 10/29/2010 - 6:45am
The Associated Press

Rural hospital operator LifePoint Hospitals Inc. said Friday its third-quarter net income climbed 24 percent on a surge in revenue along with a favorable tax adjustment.

The company said it earned $38.8 million, or 73 cents per share, up from $31.4 million, or 58 cents per share, in the same quarter last year. Revenue climbed 12 percent to $832.3 million from $745 million.

Analysts polled by Thomson Reuters expected, on average, earnings of 65 cents per share on $802.4 million in revenue.

On a same-hospital basis, admissions fell 3.7 percent year over year, but revenue per equivalent admission rose 9 percent. The company set aside $116.3 million for doubtful accounts, up from $98.7 million last year.

LifePoint operates 52 hospital campuses in 17 states.

In morning trading, shares of the company slid $2.01, or 6 percent, to $33.50.

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