October 27, 2009 / 9:19 PM / 10 years ago

UPDATE 1-Psychiatric Solutions Q3 misses Street; cuts '09 view

* Q3 EPS $0.50 from cont ops vs est $0.56

* Q3 rev $455.3 mln vs est $462.2 mln

* Cuts ‘09 EPS $2.11-$2.14 from prior view $2.16-$2.24

* Shares down 13 pct post market

Oct 27 (Reuters) - Psychiatric Solutions Inc PSYS.O, an operator of mental health facilities, posted a quarterly profit that missed market estimates on lower-than-expected revenue growth and also cut its 2009 profit forecast for the third time this year, sending shares down 13 percent after the bell.

“Our revenue growth was affected by a lower than expected increase in revenue per patient day of 1.7 percent due to adverse changes in our payor mix”, said Chief Executive Joey Jacobs in a statement.

Jacobs also said the company management contract segment’s earnings were lower than anticipated for the quarter.

For the third-quarter, the company earned 50 cents a share from continuing operations compared with 49 cents a share in the year ago quarter. Revenue for the quarter rose 5.5 percent to $455.3 million.

Analysts, on an average, were expecting a profit of 56 cents a share, before special items, on revenue of $462.2 million, according to Thomson Reuters I/B/E/S.

For the full year, the company now sees its profit in the range of $2.11 to $2.14 a share, down from its prior forecast of $2.16 to $2.24 a share from continuing operations.

Shares of the Franklin, Tennessee-based company were trading at $21.20 after the bell. They closed at $24.14 Tuesday on Nasdaq. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Anthony Kurian)

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