KING OF PRUSSIA, PA — Universal Health Services, Inc. (NYSE: UHS) has reported impressive financial results for the third quarter of 2024, reflecting robust growth across key metrics. The healthcare company recorded a net income of $258.7 million, or $3.80 per diluted share, a significant increase from $167.0 million, or $2.40 per diluted share, in the same quarter of the previous year. This surge was fueled by an 11.2% rise in net revenues, reaching $3.963 billion compared to $3.563 billion in 2023.
Adjusted net income for the third quarter of 2024 stood at $252.5 million, or $3.71 per diluted share, up from $177.5 million, or $2.55 per diluted share, in the prior year. The company’s EBITDA net of noncontrolling interests also showed a notable increase, reaching $528.6 million, or 13.3% of net revenues, up from $410.1 million, or 11.5%, in 2023.
For the nine-month period ending September 30, 2024, UHS achieved a net income of $809.7 million, or $11.88 per diluted share, compared to $501.4 million, or $7.09 per diluted share, during the same period in 2023. Net revenues for this period rose by 10.7% to $11.714 billion, showcasing continued strong performance.
The company also reported a significant increase in net cash provided by operating activities, totaling $1.409 billion for the first nine months of 2024, up from $815 million in the previous year. This increase was mainly driven by improvements in net income, accounts receivable, and other working capital accounts.
In terms of liquidity, UHS completed several financing transactions in September 2024, including the issuance of senior secured notes and amendments to its credit agreement. These moves extended the maturity date and increased the revolving credit facility, providing a total of $1.01 billion in available borrowing capacity as of September 30, 2024.
Additionally, UHS expanded its stock repurchase program, authorizing an additional $1.0 billion. During the third quarter, the company repurchased 658,000 shares, bringing the total to 1.731 million shares repurchased in the first nine months of 2024 at a cost of approximately $348.9 million.
Universal Health Services continues to demonstrate strong financial health and strategic growth initiatives, positioning itself well in the healthcare sector amidst ongoing economic challenges.
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