November 1, 2010 / 10:15 PM / 9 years ago

UPDATE 1-Skilled Healthcare Q3 beats Street; ups FY profit view

* Q3 adj EPS $0.25 vs est $0.20

* Q3 rev $209.2 mln vs est $203.5 mln

* Sees FY adj EPS $0.92-$0.97, rev $805-$812 mln

* Analyst FY EPS view $0.89, rev view $800.7 mln

* Shares up 9 pct

Nov 1 (Reuters) - Skilled Healthcare Group Inc SKH.N posted quarterly results that handily beat analysts’ estimates, and raised its full-year adjusted earnings view, sending its shares up 9 percent after the bell.

For the third quarter, the nursing home operator posted net loss of $25.3 million, or 68 cents a share, compared with net income of $9.0 million, or 24 cents a share, a year ago.

The company earned 25 cents a share on an adjusted basis, on revenue of $209.2 million in the quarter. “We are pleased with our third-quarter results, which were driven by strong revenue growth from our hospice and home health acquisition in May and from our long-term care business,” the company said in a statement.

In April, the company had entered asset-purchase agreements and a fee-based management agreement with hospice and homehealth companies in four states, which it expected to add to full-year profit by 11 cents collectively. [ID:nASA00A5J]

“Increased volumes and average per patient day rates drove long-term care revenue growth of nearly 4 percent as compared to the third quarter last year,” the company added. The Foothill Ranch, California-based company’s shares, which have lost about 46 percent since the acquisitions in May, were up 9 percent at $4.30 after the bell. They closed at $3.93 Monday on the New York Stock Exchange. For the alerts, double click [ID:nASA00Y6U] (Reporting by Vidya L Nathan in Bangalore;)

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