Universal Health Services Beats Q1 Expectations, Shares Gain

Shares of

gained over 2 percent in after-hours trading after the company reported better-than-expected results for the first quarter. The King of Prussia, Pennsylvania-based company reported a quarterly profit of $174.3 million, or $1.73 per share, versus a year-ago profit of $138.1 million, or $1.38 per share. Excluding items, the company's profit climbed to $1.78 per share from $1.36 per share. Its net revenue surged 14.8 percent to $2.23 billion. However, analysts were expecting a profit of $1.57 per share on revenue of $2.12 billion. On a same-facility basis, net revenue at acute-care hospitals rose 12.2 percent. Adjusted admissions at acute care hospitals climbed 5.7 percent year-over-year, while adjusted patient days rose 7.5 percent. On a same-facility basis, revenue at its behavioral health care facilities climbed 6.3 percent, while adjusted admissions gained 6 percent. Adjusted patient days surged 2.6 percent year-over-year. The average estimate among 7 Estimize users was for earnings of $1.56 per share and revenue of $2.11 billion. Universal Health Services shares gained 2.29 percent to $123.00 in the after-hours trading session.