NASHVILLE, Tenn. (AP) -- Brookdale Senior Living Inc.'s shares rose 8 percent Thursday after the senior living community operator posted an unexpected profit for its first quarter.
The Nashville, Tenn.-based company earned $3.6 million, or 3 cents per share, for the period that ended March 31. That's compared to a loss of $10.5 million, or 9 cents per share, in the first quarter last year. Its total revenue increased to $712.3 million from $682.7 million on slightly higher occupancy and revenue per unit.
Analysts were expecting a loss of 3 cents per share for the latest quarter on revenue of $677.7 million, according to FactSet.
Brookdale said its average occupancy was at 88.5 percent for the quarter, compared to 87.8 percent in last year's first quarter. Its average monthly revenue per unit for the senior housing portfolio increased to $4,375 for the first quarter from $4,257 last year.
Andy Smith, Brookdale's CEO, called the results a solid start to the year. He noted that on top of occupancy gains, the company made significant progress in controlling its costs.
Brookdale's shares rose $2.10 to end at $28.20. Its stock value has increased 44 percent in the past year.
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