Nursing home profits soar despite recession
Kindred Healthcare which owns and operates dozens if not hundreds of long term care facilities in the U.S. made very impressive profits despite the tough economic times. See report here.
Net income rose by 30% in the fourth quarter compared with the same quarter a year earlier.
Profits rose to $21.2 million in the fourth quarter, up from $16.3 million in 2007. Consolidated revenues also increased by 5% to a total of $1.1 billion, according to the company's quarterly report. Diluted earnings per share were $0.56, compared with $0.51 the year before.
"The quarter was highlighted by a strong rebound in our hospital business and the significant strengthening of our financial position as we move into 2009," Kindred CEO Paul Diaz said in a statement. "Our nursing centers continued to report stable operating results despite some softness in our
Medicare volumes."
In light of the good financial news, Kindred Healthcare adjusted its 2009 earnings per share range forecast to $1.35 to $1.45, up from $1.30 to $1.45.
With profits like these, how can they claim they need more tort reform?
