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NAPLES — Health Management Associates Inc. earned $1.4 billion in revenues in the first quarter of 2011, which led to $55.5 million in profits. Revenues are up 13% from last year's first quarter, while profits are up 18%.
HMA is a Naples-based hospital operator that frequently buys and sells ownership stakes in various medical facilities throughout the country. But its long-term operations are performing strongly: revenues from hospitals owned by HMA for one year or more are up 5% over the year, to $1.3 billion.
Based on those successes, the company bumped up its full-year earnings-per-share target, from the $0.72 to $0.76 range to the $0.74 to $0.78 range. Given the total number of HMA shares outstanding, that equates to a $5 million increase.
Investors responded to HMA's earnings report by buying up shares of the company's stock. HMA shares are up roughly 2% in value in early Tuesday trading, just above the $10.50 mark. So far this year, HMA stock is up roughly 11% in value.
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