LifePoint Hospitals said it earned $42 million in the second quarter, up slightly from year-ago numbers. Per diluted share, profits were 83 cents, 2 cents better than analysts had expected.
Net revenues at the Brentwood-based company rose 11 percent to $827 million in the three months ended June 30, but higher operating expenses knocked almost a full point of operating margins. Same-facility admissions fell more than 6 percent from a year ago, too much for a 5.8 percent increase in revenue per admission to make up.
"We had a solid quarter in which we continued to execute our strategic plan, invest in our business to better position LifePoint and effectively control costs," said Chairman and CEO Bill Carpenter. "These investments have allowed us to capitalize on the industry shift to the outpatient setting. Our recent acquisitions are performing well, and the pipeline remains robust."
Shares of LifePoint (Ticker: LPNT) were down almost 2 percent to about $37.80 in midday trading Friday. Year to date, they're up slightly.
Franklin Synergy Bank said it posted a second-quarter profit of $881,000 as its assets grew to $529 million, up more than 40 percent from a year ago.
"The earnings comparisons are somewhat distorted because we were not fully taxable until the first quarter of this year," said President Richard Herrington. "On a pre-tax basis, our growth in net income this year compared to last year is a remarkable 180 percent."
The bank finished the second quarter with a loan portfolio of $274 million, 34 percent higher than on June 30 of last year. Deposits also climbed strongly to $468 million.
Franklin Synergy, which will recognize five years of operations this fall, runs four branches and a mortgage lending center in Franklin and Brentwood.