Earnings wrap: Acadia, Healthcare Realty, Noranda

Margins growing at behavioral health venture, hedges help aluminum maker

Acadia Healthcare executives said the behavioral health care provider earned $4.4 million in the fourth quarter. Per diluted share, profits from continuing operations amounted to 19 cents per share, in line with the Street’s expectations.

Franklin-based Acadia rang up quarterly revenues of more than $114 million, helped by a 19 percent jump in same-store admissions that was one of the drivers behind EBITDA margin rising almost 7 points to 26.9 percent.

“Acadia completed 2012 well positioned to fund its growth strategies for 2013,” said Chairman and CEO Joey Jacobs. “Net cash flow from continuing operations was $10.6 million for the fourth quarter and $34.3 million for 2012, while capital expenditures for the year totaled $27.6 million. In addition, we completed 2012 with cash and cash equivalents of $49.4 million and availability under our revolving credit facility of approximately $100 million.”

Looking ahead, Jacobs and his team said they expect Acadia to post 2013 earnings per diluted share of 96 cents to $1, about 50 percent more than in 2012. That guidance does not include the impact of any future acquisitions.

Shares of Acadia (Ticker: ACHC) closed at $25.89 on Wednesday and have risen about 15 percent in the past three months.

 
Healthcare Realty reported normalized funds from operations of $26.6 million in the fourth quarter, which was up from $25.9 million in late 2011. Per diluted share, that came to 31 cents, a penny less than what analysts had been looking for. The real estate investment trust posted a GAAP profit from continuing operations of $393,000 versus $1.7 million the year prior.

Revenues rose 8 percent to $81.3 million, but higher operating expenses and depreciation cut into margins.

Healthcare Realty shares (Ticker: HR) ended Wednesday’s session at $25.63. They’re risen 8 percent in the past three months.

 
Noranda Aluminum reported fourth-quarter earnings of $4.2 million, down from $24.4 million a year ago. Excluding one-time items — mostly an $18.7 million gain on hedging activities — net losses came to $7.8 million, or 12 cents per diluted share, which was 9 cents worse than analysts had expected.

Revenues during the quarter came in at $333 million, down slightly from a year ago. Total segment profit was flat at around $31 million.

"Our fourth quarter results reflect continued stable demand with somewhat improved LME aluminum prices," said President and CEO Kip Smith. "Although our 2012 results were negatively affected by LME prices that, in real terms, reached points that were among historical lows, we experienced throughout the year stable, solid demand in combination with attractive Midwest and fabrication premiums for our key aluminum products.”

Shares of Franklin-based Noranda (Ticker: NOR) fell during regular Wednesday trading but climbed more than 2.6 percent to $5.80 after hours. They’re flat over the past three months.