Psychiatric Solutions profit rises due to acquisitions and better results at older facilities

Psychiatric Solutions 4Q profit grow 15 percent

FRANKLIN, Tenn. — Psychiatric Solutions Inc., which operates behavioral hospitals, said Tuesday its profit increased 15 percent in the fourth quarter due to strong admissions growth at its older facilities.

The company said its profit grew to $27.7 million, or 49 cents per share, from $24 million, or 43 cents per share, a year ago. Revenue rose 8 percent to $463 million from $428.4 million.

According to Thomson Reuters, analysts were expecting a larger profit of 52 cents per share and $464.4 million in revenue.

In aftermarket trading, the company’s stock lost 33 cents to $22.50 from $22.83.

Psychiatric Solutions said total admissions grew about 14 percent, to about 45,100, and total patient days rose around 8 percent to 735,200. At facilities the company has operated for at least a year, revenue grew 6.1 percent and patient days grew 6 percent.

Revenue at hospitals open at least a year excludes facilities the company has opened or closed in the last 12 months.

Psychiatric Solutions runs hospitals in 32 states, along with Puerto Rico and the U.S. Virgin Islands.

The company said its profit rose 12 percent in 2009, to $117.6 million, or $2.10 per share, from $105 million, or $1.87 per share. Revenue gained 6 percent to $1.81 billion from $1.7 billion.

For 2010, Psychiatric Solutions is forecasting a profit of $2.27 to $2.31 per share from continuing operations. Analysts expect $2.31 per share.