Universal Health Services announced its third-quarter 2024 financial results on October 24, 2024, reporting a net income attributable to UHS of $258.7 million, or $3.80 per diluted share, compared to $167.0 million, or $2.40 per diluted share, in Q3 2023. Net revenues increased by 11.2% to $3.963 billion from $3.563 billion in the prior-year quarter.
Adjusted net income attributable to UHS was $252.5 million, or $3.71 per diluted share, surpassing the consensus estimate of $3.70 per diluted share. The company's Adjusted EBITDA net of noncontrolling interests reached $526.5 million, representing 13.3% of net revenues, up from $421.5 million, or 11.8% of net revenues, in Q3 2023.
The Acute Care segment saw same-facility adjusted admissions increase by 1.5% and net revenues rise by 9.2%. The Behavioral Health segment also performed strongly, with same-facility adjusted admissions up 2.2% and net revenues increasing by 10.5%, driven by an 8.5% increase in net revenue per adjusted patient day.
Net cash provided by operating activities for the first nine months of 2024 was $1.409 billion, a significant increase from $815 million in the comparable 2023 period. As of September 30, 2024, UHS had $1.01 billion of available borrowing capacity under its $1.3 billion revolving credit facility, demonstrating solid liquidity.
In July 2024, the Board of Directors authorized a $1.0 billion increase to the stock repurchase program. During Q3 2024, UHS repurchased 658,000 shares for approximately $153.9 million, with an aggregate available repurchase authorization of approximately $1.074 billion remaining as of September 30, 2024.
The company also completed financing transactions in September 2024, including the issuance of $1 billion in covered bonds with maturities in 2029 and 2034, and an amendment to its credit agreement to extend maturity and increase its revolving credit facility to $1.3 billion. These actions strengthen the company's capital structure and financial flexibility.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.