Health Management Associates' (NYSE:HMA) profit dropped in the second quarter.
Earnings and Revenue The company's EPS fell in line with analyst expectations of 21 cents a share while revenue of $1.69 billion beat estimates of $1.62 billion. The estimates of 14 analysts ranged from profit of 19 cents to profit of 24 cents.
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The company's net income for the quarter was $37 million. This is a 24% decline from last year. Revenue climbed 20.9% from $1.4 billion in the same period last year.
Company Fundamental Trends This marks the second quarter in a row that the company's net income has fallen after profits tumbled 32.1% in the first quarter. The company's revenue has grown during at least each of the past four quarters on a year-over-year basis.
History Against Expectations The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the first quarter, it topped the mark by 2 cents, and in the fourth quarter of the last fiscal year, it was ahead by 6 cents.
Official Comment: "We continued to deliver strong revenue and earnings growth in the second quarter by adhering to our proven operating strategy and achieving efficiencies throughout our organization," said Gary D. Newsome, Health Management's President and Chief Executive Officer. "We believe our focus on improving quality, and creating an effective and efficient work environment with a patient centered approach is the right thing to do for our patients, associates and physicians. As a result, hospitals seeking a strategic partner with a similar culture, access to capital and operating expertise are contacting Health Management in increasing numbers, and we are excited about these partnership opportunities."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.