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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Community Health Systems Inc | NYSE:CYH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 4.24% | 3.44 | 3.535 | 3.31 | 3.31 | 2,658,822 | 22:07:22 |
Community Health Systems Inc. raised its earnings guidance for the year as its second-quarter profit more than doubled thanks to its acquisition of Health Management Associates Inc.
Separately, the hospital operator also announced plans to spin off a group of 38 hospitals and Quorum Health Resources LLC, its hospital management and consulting business. The hospitals included in the planned spinoff are primarily located in cities or counties that have populations of 50,000 or less.
The new company will be named Quorum Health Corp., and the spinoff is expected to be completed in the first quarter of 2016.
The businesses that would comprise Quorum Health Corp. in 2014 generated revenue of $2.1 billion and $255 million in earnings before interest, taxes, depreciation and amortization, Community Health Systems said.
For 2015, the company said it now expects a profit from continuing operations of $3.65 to $4.10 a share for the year, up from its previous projection of $3.40 ti $4.05.
Shares of Community Health Systems, up 23.5% over the past 12 months, rose 7.2% to $62.50 in after-hours trading.
Over all, for the second quarter Community Health reported a profit of $111 million, or 96 cents a share, compared with a year-earlier profit of $42 million, or 37 cents a share. Profit excluding certain items and discontinued operations rose to $1.14 a share from 74 cents a year earlier.
"These results include operating synergies from the integration of the HMA hospitals, the benefit of numerous strategic initiatives, and the incremental opportunities created by the Affordable Care Act," Chief Executive Wayne T. Smith said in a release.
In January 2014, Community Health Systems completed its acquisition of Health Management Associates. The $3.9 billion deal had merged 206 hospitals.
Community Health said total admissions decreased 1.9% in the second quarter from a year ago. On a same-hospital basis, total admissions fell 2.2% and net operating revenue rose 2.5%.
Operating revenue increased to $4.88 billion from $4.77 billion.
Analysts surveyed by Thomson Reuters had expected a profit of 89 cents a share on $5.02 billion in revenue.
Write to Cassandra Jaramillo at cassandra.jaramillo@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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