Select Medical earnings dip; YRC posts profit
Cumberland County-based hospital operator Select Medical Holdings Corp. reported third-quarter earnings that dipped slightly, while Kansas-based trucking conglomerate YRC Worldwide Inc., which has a significant midstate presence, reported its position continued to improve.
Select Medical posted net income of $25.2 million in the quarter, a 4.6 percent dip from a year ago. The company actually had a 2.8 percent increase in net operating revenues and a 4 percent increase in operating income, but general and administrative costs increased 14.4 percent.
The company also took a $6 million charge on early retirement of debts this year, which cut into earnings.
Select Medical’s earnings per diluted share were 17 cents, slightly lower than analyst estimates of 21 cents, according to Yahoo Finance.
Select Medical Holdings, based in Lower Allen Township, is the parent of Select Medical Corp. The company operates acute-care hospitals, inpatient medical rehab hospitals and outpatient physical rehab centers.
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YRC Worldwide, a trucking company that has seen its share of troubled times, today reported net income of $3 million, one of the first positive earnings reports in years and a significant improvement from the $123 million loss a year ago.
However, the earnings are strictly on paper. YRC’s operating income was slightly more than $27 million, which is still an improvement from a loss last year, according to its filing. However, the company’s $33.7 million debt payment nullified that income for a pretax loss of $6.2 million. YRC received a $9.2 million tax benefit in the quarter, which gives it the positive net income.
YRC has a large terminal in Cumberland County and owns Lebanon-based New Penn Motor Express Inc.
The company’s loss per diluted share was $4.30, more than the analyst estimates of a $3.94 loss, according to Yahoo Finance.