Universal Health Services Inc. shares rallied in the extended session Monday after the hospital operator’s earnings and outlook topped Wall Street estimates.
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The company reported second-quarter net income of $325 million, or $3.79 a share, compared with $251.9 million, or $2.95 a share, in the year-ago period. Adjusted earnings, which excludes one-time items, were $3.76 a share, compared with $2.93 a share in the year-ago period.
Revenue rose to $3.2 billion from $2.73 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of $2.69 a share on revenue of $3.02 billion.
UHS forecast full-year earnings of $11.46 to $12.16 a share on revenue of $12.35 billion to $12.5 billion, up from its previous forecast of $10.05 to $11.05 a share on revenue of $12.2 billion to $12.36 billion. Analysts had estimated $10.90 a share on revenue of $12.33 billion for the year.
The company also said it was increasing its stock buyback authorization by $1 billion, raising it to $3.7 billion.