Select Medical Holdings Corp. said Thursday its profit more than tripled in the third quarter as its acquired new hospitals, and raised its outlook for the year.
The company said its income rose to $25.6 million, or 17 cents per share, from $8 million, or 5 cents per share. Revenue increased 18 percent, to $694.1 million from $588.3 million.
Analysts expected a profit of 16 cents per share and revenue of $665.1 million, according to FactSet.
Select said revenue from its hospitals rose 24 percent to $521.1 million. Of the growth, $61.3 million came from the hospitals it acquired when it bought Regency Hospital Co. in 2010. Outpatient rehabilitation revenue grew 3 percent to $173 million.
The Mechanicsburg, Pa., company said it now expects an adjusted full-year profit of 75 cents to 81 cents per share on revenue of $2.76 billion to $2.8 billion. In August, Select Medical forecast an annual profit of 69 cents to 74 cents per share, and said revenue would be between $2.65 billion and $2.75 billion.
Analysts had expected a profit of 76 cents per share and $2.74 billion in revenue on average.
Select Medical stock lost a penny to $8.61 on Thursday, before it released its earnings. The shares were unchanged in aftermarket trading.