Psychiatric Solutions 3Q profit jumps 88 percent

Tue, 10/19/2010 - 1:45pm
The Associated Press

Behavioral hospital operator Psychiatric Solutions Inc. said Tuesday its third-quarter net income rose 88 percent on a boost in admissions.

Psychiatric Solutions runs hospitals in 32 states, Puerto Rico, and the U.S. Virgin Islands. It said total admissions rose 10.7 percent during the quarter. At hospitals owned or operated for at least a year, admissions rose 8.2 percent, and revenue increased 10.4 percent.

The company said its profit rose to $52.9 million, or 92 cents per share, from $28.2 million, or 50 cents per share, during the same period a year prior. Revenue rose 12 percent to $508.5 million from $453.2 million.

Analysts polled by Thomson Reuters expected a profit of 59 cents per share and revenue of $487.2 million.

Shares of Psychiatric Solutions fell a penny to $33.61 in the regular session, and gained 3 cents to $33.64 after hours when the earnings report was released.


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