Skilled Healthcare Profit Grows, But Outlook Pared
Stock quotes in this article:
SKH
FOOTHILL RANCH, Calif. (AP) Skilled Healthcare Group Inc. said Tuesday its profit grew 6 percent in the third quarter, but the nursing facility operator lowered its revenue estimate for the year, sending its shares tumbling.
Skilled Healthcare said its profit rose to $9.1 million, or 24 cents per share, from $8.6 million, or 23 cents per share, in the third quarter of 2008. Revenue rose 3 percent, to $188.4 million from $182.5 million, due to better results from its long-term care services business. According to Thomson Reuters, analysts were expecting a profit of 22 cents per share and revenue of $192.6 million. During the quarter, long-term care revenue rose 4 percent to $166.2 million, and ancillary service revenue grew 10 percent to $19.1 million. The company said its hospice business went over its Medicare cap by $2.1 million in the third quarter due to marketing difficulties, longer stays by patients, service improvement efforts and a hold on admissions until the service improvement initiatives were in place. Skilled Healthcare also said it expects a 1 percent cut in Medicare payment rates in the fourth quarter.- Loading Comments...
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