US-based hospital management company Universal Health Services (UHS) has reported a net income of $261.83m for the first quarter (Q1) of 2024, an increase of 59.6% from $163.98m in Q1 2023.

The company said it had benefitted from strong performance across its acute and behavioural care segments.

For the three months to 31 March, diluted earnings for each share attributable to UHS were $3.82, up from $2.28 for each share in the same quarter of the previous year.

Adjusted net income attributable to the company also saw a rise, reaching $253.12m compared with $167.57m in Q1 2023.

UHS’ net revenues grew by 10.8% over this period to $3.84bn from $3.46bn.

Net revenues for the company’s Acute Care Services business were $2.18bn in Q1 2024, against $1.97bn in the same quarter of last year.

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This segment saw a 4.6% increase in net revenue for each adjusted admission and a 5.8% rise in net revenue for each adjusted patient day.

UHS’ Behavioral Health Care Services segment also reported an increase in net revenues, which reached $1.65bn in the first three months of this year from $1.49bn in the prior year.

The segment’s net revenue for each adjusted admission and net revenue for each adjusted patient day grew by 11.2% and 8.2% respectively.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) net of the group’s net income attributable to noncontrolling interests (NCI) in Q1 2024 stood at $525.92m, as against $407.33m in Q1 2023.

Its adjusted EBITDA net of NCI, excluding the impact of other (income) expenses, was $525.77m, compared with $421.06m in the same quarter of the previous year. 

In October last year, UHS registered $167m in attributable net income for the tihrd quarter of 2023, an 8.6% increase from $182.8m in the same quarter of 2022.