Mixed Q3 Results for Skilled HealthcareMonday, October 31, 2011
Skilled Healthcare Group, a Foothill Ranch nursing home operator, posted financial results that met earnings targets but slightly missed revenue projections.
The company posted an adjusted profit of $11.9 million in the quarter, up 27% from a year ago and better than analyst forecasts of $11.1 million.
Skilled Healthcare’s quarterly revenue was up about 4% to $217.2 million, but fell short of Wall Street forecasts of $218.1 million.
The company did not update previously issued financial guidance. In September, Skilled said it expected its yearly revenue to be cut about $45 million because of Medicare reimbursement cuts that took effect Oct. 1.
Investors sent shares of Skilled Healthcare up nearly 6% in Monday afterhours trading.