Irvine-based Sun Healthcare Group Inc.’s shares were up today after giving a 2012 profit forecast that surpassed Wall Street’s expectations.
Shares of Sun, which operates nursing homes and other businesses, were up about 7% in midday New York trading with a market value of about $100 million.
The company said in a release that it could see full-year profit of $12 million to $16 million, with earnings before interest, taxes, depreciation, amortization and restructuring of $222 million to $228 million.
Wall Street expects Sun to post a 2012 profit of $6.7 million.
Sun Chief Executive William Mathies said that the company found that Medicare payment cuts that went into effect Oct. 1 would have less of an impact than originally estimated.
