US-based hospital management company Universal Health Services (UHS) has reported a net income of $261.83m for the first quarter (Q1) of 2024, an increase of 59.6% from $163.98m in Q1 2023.
The company said it had benefitted from strong performance across its acute and behavioural care segments.
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For the three months to 31 March, diluted earnings for each share attributable to UHS were $3.82, up from $2.28 for each share in the same quarter of the previous year.
Adjusted net income attributable to the company also saw a rise, reaching $253.12m compared with $167.57m in Q1 2023.
UHS’ net revenues grew by 10.8% over this period to $3.84bn from $3.46bn.
Net revenues for the company’s Acute Care Services business were $2.18bn in Q1 2024, against $1.97bn in the same quarter of last year.
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By GlobalDataThis segment saw a 4.6% increase in net revenue for each adjusted admission and a 5.8% rise in net revenue for each adjusted patient day.
UHS’ Behavioral Health Care Services segment also reported an increase in net revenues, which reached $1.65bn in the first three months of this year from $1.49bn in the prior year.
The segment’s net revenue for each adjusted admission and net revenue for each adjusted patient day grew by 11.2% and 8.2% respectively.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) net of the group’s net income attributable to noncontrolling interests (NCI) in Q1 2024 stood at $525.92m, as against $407.33m in Q1 2023.
Its adjusted EBITDA net of NCI, excluding the impact of other (income) expenses, was $525.77m, compared with $421.06m in the same quarter of the previous year.
In October last year, UHS registered $167m in attributable net income for the tihrd quarter of 2023, an 8.6% increase from $182.8m in the same quarter of 2022.
