UHS Q1 net income up 61% to $261.8M

King of Prussia, Pa.-based Universal Health Services saw a net income of $261.8 million in the first quarter of 2024, a 60.5% increase from a $163.1 million net income over the same time period in 2023, according to its most recent financial report.

Here are six other findings from the report:

1. Total revenue was $3.84 billion in the three months ended March 31, 2024, up 10.8% from $3.47 billion during the same period in 2023.

2. Expenses were $3.5 billion in the first three months of 2024, up 9% from the same period in 2023.

3. Salaries, wages and benefits increased 5% year over year to $1.84 billion.

4. Operating income was $389 million, up 39% from $279 million in the first three months of 2023.

5. A rise in interest rates has spiked borrowing costs for UHS and prevented its ability to secure capital on favorable terms. Increases in interest rates could "have a significant unfavorable impact" on the health system's future operations results, and the increased cost of borrowing money could also hurt UHS' strategic plans. 

6. UHS had the ability to borrow up to $733 million from its $1.2 billion credit line as of March 31.

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