The hospital management company's net income fell year-over-year but revenues rose over the same period of time.
The King of Prussia, Pennsylvania-based company achieved a lower year-over-year net income while net revenues rose by more than $100 million, according to its Q4 2018 earnings report released Wednesday.
Universal Health Services, Inc. (UHS) saw its net income drop to $158.1 million during Q4 2018, down $61.5 million compared to this time last year, with net revenues of $2.75 billion, an increase of 4.2%.
UHS finished 2018 with a net income of $894.4 million, well above its net income of $725.5 million at the end of 2017, while also recording a $2.37 adjusted earnings per share (EPS) in Q4, $0.37 better than the same metric in Q4 2017.
During Q4, UHS repurchased 1.22 million shares at an aggregate cost of $149.3 million, part of a 3.32 million year-long repurchase effort totalling $401.3 million.
In December, the company's board of directors authorized a $500 million increase to the repurchase program, now totalling $1.7 billion.
Looking ahead, UHS projects full year net revenues between $11.2 billion and $11.3 billion, along with an adjusted EPS in the range of $9.70 and $10.40 per share.
ADDITIONAL UHS Q4 EARNINGS REPORT HIGHLIGHTS:
- The company's market value of shares classified for sale was affected by a pre-tax unrealized loss of $12.5 million.
- During 2019, UHS projects a range for capital expenditures between $675 million and $725 million.
- Also included in the company's earnings report was a $62 million aggregate unfavorable after-tax impact.
For complete financial information, review UHS' filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Photo credit: Milan, Italy - November 1, 2017: Universal Health Services logo on the website homepage. - Image / Editorial credit: Casimiro PT / Shutterstock.com