HealthSouth Swings To $40.8 Million Profit (HLS)

HealthSouth Corporation

announced on Monday morning that it beat consensus Wall Street earnings estimates, while missing revenue expectations. HealthSouth Corporation (

) reported that its swung to a 2nd quarter profit, with net income attributable to HealthSouth common shareholders of $40.8 million, or 44 cents per share, from a loss of $12 million, or 15 cents per share, a year earlier. Excluding special items, the company's earnings also came in at 44 cents per share. Revenue rose to $496.9 million, up from $481.6 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 43 cents per share, on revenue of $505.51 million. The company raised its full year earnings forecast to a range of $1.66 to $1.74 per share, up from the previous forecast of $1.60 to $1.70 per share. President and chief executive officer Jay Grinney said, "In addition to strong performance across our existing portfolio, we purchased a new hospital in Las Vegas, Nevada in the quarter and recently announced the signing of a definitive agreement to purchase another hospital in Sugar Land, Texas, as well as our plans to begin construction of a new 40-bed hospital in the Cypress area of northwest Houston during the fourth quarter of 2010. Our growth pipeline remains strong, and we will continue to pursue disciplined acquisitions that will bring high-quality rehabilitative services to new markets and value to our shareholders." HealthSouth Corporation closed at $18.51 per share the previous trading day. Analysts covering the company's stock give it a consensus price target of $24.08 per share. Read more

Learn how to find the best

for free.