HCA sees quarterly profit nearly double to $1.1B

Nashville, Tenn.-based HCA Healthcare, which operates 178 hospitals, saw revenues and net income rise year over year in the first quarter of 2018.

Here are five things to know about HCA's financial performance.

1. HCA saw revenues increase 7.5 percent year over year to $11.4 billion in the first quarter of 2018.

2. The revenue growth was partially attributable to higher patient volumes. HCA saw same-facility admissions and emergency room visits increase 1.8 percent and 3.5 percent, respectively, year over year.

3. HCA recorded operating expenses of $9.3 billion in the first quarter of this year, up from $8.6 billion in the same period of 2017.

4. HCA ended the first quarter of 2018 with net income of $1.1 billion, up 73.6 percent from $659 million in the first quarter of last year. The company's financial results included gains on sales of facilities of $405 million and a tax benefit of $92 million.

5. During the first quarter, HCA completed the acquisition of Memorial Health in Savannah, Ga., and completed the divestiture of Oklahoma facilities. HCA also signed a letter of intent in March to acquire Asheville, N.C.-based Mission Health. "We are excited to move forward with our due diligence and exclusive discussion with this outstanding organization," HCA Chairman and CEO R. Milton Johnson said on an earnings call May 1. "I believe we are well positioned for growth as we continue to invest capital in large growing markets, execute our growth agenda, and deliver high quality care for our patients."

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