CHS net income rises in 3rd quarter

CHS net income rises in 3rd quarter

FRANKLIN, TENN.

Community Health Systems Inc. reported that its net income rose from $70.4 million, or 76 cents per share, to $74.3 million, or 83 cents per share, during the third quarter.

CHS operates locally as ValleyCare Health System.

Net operating revenues increased 8.7 percent compared with 2010’s third quarter, climbing from $3.2 billion to $3.4 billion and nearly met analysts’ expectations.

CHS’s net operating revenue for the first nine months of 2011 has climbed from $13.6 million, or $3.30 per share, to $14 billion, or $3.39 per share.

Chamber honored for V&M Star project

YOUNGSTOWN

Youngstown/Warren Regional Chamber on Thursday received an economic- development excellence award at the Ohio Economic Development Association’s 2011 Annual Summit.

The chamber took first place in the Best Project category for its involvement in the V&M Star expansion. The chamber collaborated with V&M Star and federal, state and local officials for about two years and eventually landed the $650 million expansion project.

“It is always gratifying to be honored, but this one is very special because it is from Ohio’s economic- development community that is on the ground every day working for the betterment of our state,” said Walt Good, the chamber’s vice president for economic-development retention and expansion, in a statement.

The Ohio Economic Development Association’s annual excellence-awards program recognizes achievements of individuals and organizations statewide in the areas of economic and work-force development.

The Best Project Award recognizes outstanding and innovative projects in economic and business development that retain or generate jobs and investment.

Moody’s upgrades Ford, GM ratings

DETROIT

Moody’s Investors Service raised the corporate debt ratings for General Motors Co. and Ford Motor Co. on Thursday, citing new labor agreements and improvements in their finances.

The ratings were raised from “Ba2” to “Ba1,” which is one notch below investment grade. The upgrades will make it cheaper for the automakers to borrow money.

Ford and GM’s debt fell below investment grade in 2005 when the companies were deeply indebted. GM later declared bankruptcy and took government loans to stay afloat, and Ford borrowed heavily to fund a restructuring. Both now are profitable. The U.S. government still owns 27 percent of GM.

Moody’s said GM has competitive products and a strong position in China and other high-growth markets. Moody’s said its new rating on GM’s debt takes into account possible pressures on the company, including that of another recession in the U.S., the debt crisis in Europe and the difficulty of rolling out competitive new products.

GM made a net profit of $5.4 billion during the first half of this year, and it made $4.7 billion in 2010. It is to report its third-quarter earnings Nov. 9.

Vindicator staff/wire reports