BRENTWOOD, Tenn.—Hospital operator LifePoint Hospitals Inc. said Friday its second-quarter profit more than doubled from a year ago, when large one-time costs hurt its results.
LifePoint's profit climbed to $30.5 million, or 57 cents per share, from $13.4 million, or 23 cents per share a year ago. The 2007 results included $11.2 million in charges related to the sale of two hospitals, and were also reduced by labor costs, bad debt expenses and malpractice insurance. Revenue rose 4 percent, to $680.8 million from $654.3 million.
The rural hospital company said it earned 59 cents per share from continuing operations, which leaves out a charge of 2 cents per share.
Analysts expected an average of 57 cents per share on $678.5 million in revenue, according to Thomson Financial. Those estimates generally exclude one-time costs.
LifePoint also raised its full-year forecasts above what Wall Street had expected.
For the three months ended June 30, admissions at LifePoint hospitals declined 2.3 percent, to about 47,000 from 48,200. Revenue per admission increased to an average of $7,200 from $6,800, offsetting a modest decline in the total number of beds the company maintained. Inpatient surgeries dropped 3.9 percent. Outpatient surgeries declined slightly.
LifePoint operates 48 hospitals in 17 states.
