Hospital operator Community Health Systems posted a fourth-quarter profit of $85.6 million, up from about $53 million in late 2011, when it took a $66 million pre-tax hit on the retirement of some long-term debt. Per diluted share, earnings were 69 cents versus 38 cents.
Revenues at Franklin-based CHS rose 9 percent to almost $3.3 billion. Adjusted admissions climbed more than 6 percent in all and 2.3 percent on a same-store basis.
“Community Health Systems has continued to demonstrate success in a dynamic and challenging healthcare environment,” said Chairman, President and CEO Wayne Smith. “Our results for 2012 confirm the strength of our operating model and our proven ability to execute our strategy to drive efficiencies in our hospitals, recruit and retain qualified physicians, make selective acquisitions and deliver high quality healthcare services in a cost-effective manner.”
Looking ahead to 2013, Smith and his team expect CHS to post adjusted EBITDA of about $2 billion, up only slightly from the 2012 mark. Per diluted share, income from continuing operations is expected to be between $3.50 and $3.90. Analysts’ consensus estimate is $3.82 per share.
CHS’ first-quarter guidance of 82 cents to 92 cents is below the Street’s estimate, however, with the company saying that its HITECH incentive reimbursements are expected to come in at approximately 0.7 percent to 0.8 percent of operating revenues versus a range of 1.1 percent to 1.2 percent for the full year.
Shares of CHS (Ticker: CYH) fell slightly after hours Thursday to $41.30. They have risen almost 40 percent over the past three months and are trading near record highs.
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