Loading
Health Management Associates Inc.
The Naples-based health-care services management company earned $1.3 billion in net revenues in the third quarter, which led to $35.3 million in profits. That total represents earnings of $0.14 per diluted share of HMA stock, a 40% increase over last year's third quarter performance.
In the first nine months of 2010, HMA Inc. has earned $3.8 billion in net revenues and $118.6 million in net income. Its nine-month earnings mark a 26.3% improvement on a per share basis over 2009.
Because of its latest performance, HMA Inc. revised its full-year earnings outlook, increasing its objective range from between $0.56 and $0.61 in per share earnings to a range of $0.64 and $0.66.
“This was another outstanding quarter for Health Management,” said CEO Gary Newsome. “We are focused on continuing to expand same hospital and acquisition operating margins by remaining committed to our emergency room operational improvements, physician recruitment progress and market service development projects.”
Earlier this month, Health Management Associates Inc. (symbol: HMA) completed the acquisition of the Wuesthoff Health System, which could add $290 million to the company's annual revenues.
TECO Energy Inc.
Despite a reduction in profits caused by a regulatory change to its revenue base, the CEO of TECO Energy Inc. (symbol: TE) says the company has enjoyed surprising growth in its customer base over the first nine months of 2010.
John Ramil, the Tampa utility's chief executive, said his company's third quarter results “reflect stronger than expected customer growth for the Florida utilities, driven by the improvements in the state and local economies that we experienced in the first half of the year.”
Indeed, year-to-date net income stands at $182.3 million in 2010, up 14% from the same timeframe last year. However, the company's $51 million in third quarter profits this year are down 21% from 2009.
In July, TECO reduced its earnings outlook to a range of $1.25 to $1.35 per share, but comments issued with its latest earnings results leave room for further disappointment among investors.
Following reduced margins on coal sales and lost earnings on a sold power plant, “TECO Energy believes it is unlikely that results will exceed the middle of it guidance range,” the company said in its release.
The Tampa company named John Ramil its new CEO in August.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
