Sun Healthcare Group Inc. of Irvine on Wednesday reported a second-quarter profit that was in line with Wall Street’s projections and reaffirmed its 2010 guidance.
Sun, which operates nursing homes, rehabilitation centers and hospices, said its profit from continuing operations totaled $11.6 million, down 13% from a year earlier.
Wall Street expected Sun to make $11.1 million in the quarter.
The nursing home operator said its net second-quarter profit was $9.97 million.
Sun’s revenue totaled $474.6 million, which was up 1% but fell slightly short of analysts’ expectation of $478.7 million.
The company also reaffirmed its previous full-year forecast of a $40.8 million to $43.5 million profit on continuing operations and revenue of $1.93 billion to $1.95 billion.
Analysts project Sun to post a $42.1 million profit on revenue of $1.92 billion in 2010.
Sun didn’t give any details in its earnings release about the pending spinoff of its real estate operation into Sabra Health Care REIT Inc.
Sun said in May that it would separate into two companies, real estate holding company Sabra and a healthcare operating company that will retain the Sun name.
That deal is expected to be completed in the fourth quarter.
