UHS sees profit drop in Q2, lowers earnings guidance

King of Prussia, Pa.-based Universal Health Services saw revenues increase in the second quarter of 2017, but ended the period with lower net income than in the same period of last year.

UHS said revenues increased from $2.43 billion in the second quarter of 2016 to $2.61 billion in the second quarter of this year. The revenue boost was partially attributable to higher patient volumes. Adjusted admissions were up 6 percent at UHS' acute care hospitals in the second quarter of this year, compared to the same quarter of 2016. On the behavioral health side, adjusted admissions increased 3.7 percent year over year, UHS Executive Vice President and CFO Steve G. Filton said on an earnings call Wednesday. 

After accounting for an increase in expenses, UHS ended the second quarter with net income of $188.1 million, down from net income of $191.1 million in the same period of the year prior.

Based on financial results and operating trends in the first half of 2017, UHS lowered its expected net income for 2017 to the range of $7.50 to $8.00 per share, compared to its previous guidance of $7.70 to $8.20 per share.

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