04-29-2008 3:58 PM — Community Health Systems turned in first quarter results today that showed net income rising by more than 10 percent to 63 cents per share.
Income from continuing operations, however, fell from 61 cents per share in the same ’07 quarter, to 54 cents in the current report. On average, analysts were looking for earnings around 52 cents.
Largely to thank for the net income jump were proceeds from the 11 hospitals offloaded by the company during the first three months of the year. Nine of those were scooped up by Brentwood neighbor Capella in a deal announced last year.
Earlier today the company’s stock was among those panned by Citi Investment Research analyst Gary Taylor on the Citi's first day officially covering the hospital sector. Taylor took particular issue with what he termed a “dramatic strategic reversal” represented by CHS' acquisition of Triad.
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