Acadia Healthcare Q3 Profit Surges; Ups Outlook; To Buy CRC Health For $1.2 Bln

(RTTNews) - Acadia Healthcare Co., Inc. (ACHC) reported third-quarter net income of $25.40 million or $0.43 per share, higher than $14.36 million or $0.29 per share in the prior-year quarter. Adjusted income from continuing operations was $27.27 million or $0.46 per share for the quarter.

On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter surged 59.4 percent to $294.48 million from $184.70 million in the same quarter last year. Analysts expected revenue of $172.51 million for the quarter.

Looking ahead to fiscal 2014, Acadia raised earnings guidance for adjusted earnings to a range of $1.52 to $1.53 per share from the previous forecast range of $1.44 to $1.46 per share. Analysts expect the company to report full-year 2014 earnings of $1.35 per share.

Separately, the company agreed to acquire privately-held CRC Health Group Inc., the nation's largest specialized behavioral healthcare provider, for $1.175 billion, consisting of up to approximately 6.3 million shares of Acadia's common stock and the assumption of CRC's debt.

The company said it expects to complete this accretive transaction, which is subject to normal closing conditions, in the first quarter of 2015.