Tag: earnings
Would Nursing Home Profiteers Kill Granny To Boost Earnings?

Would Nursing Home Profiteers Kill Granny To Boost Earnings?

There are industries that occasionally do something rotten. And there are industries — like Big Oil, Big Pharma and Big Tobacco — that persistently do rotten things.

Then there is the nursing home industry, where rottenness has become a core business principle. The end-of-life "experience" can be rotten enough on its own, with an assortment of natural indignities bedeviling us, and good nursing homes help gentle this time. In the past couple of decades, though, an entirely unnatural force has come to dominate the delivery of aged care: profiteering corporate chains and Wall Street speculators.

The very fact that this essential and sensitive social function, which ought to be the domain of health professionals and charitable enterprises, is now called an "industry" reflects a total perversion of its purpose. Some 70 percent of nursing homes are now corporate operations run by absentee executives who have no experience in nursing homes and who're guided by the market imperative of maximizing investor profits. They constantly demand "efficiencies" from their facilities, which invariably means reducing the number of nurses, which invariably reduces care, which means more injuries, illness... and deaths. As one nursing expert rightly says, "It's criminal."

But it's not against the law, since the industry's lobbying front — a major donor to congressional campaigns — effectively writes the laws, which allows corporate hustlers to provide only one nurse on duty, no matter how many patients are in the facility. When a humane nurse-staffing requirement was proposed last year, the lobby group furiously opposed it... and Congress dutifully bowed to industry profits over grandma's decent end-time. After all, granny doesn't make campaign donations.

So, as a health policy analyst bluntly puts it, "The only kind of groups that seem to be interested in investing in nursing homes are bad actors." To help push for better, contact TheConsumerVoice.org.


To find out more about Jim Hightower and read features by other Creators Syndicate writers and cartoonists, visit the Creators webpage at www.creators.com.

Reprinted with permission from Creators.

Ford Earnings Rise, Beat Expectations

Ford Earnings Rise, Beat Expectations

New York (AFP) – U.S. auto giant Ford Motor Tuesday reported quarterly earnings that bested expectations as higher sales in North America and a smaller loss in Europe offset declines in South America.

Ford, the second-biggest U.S. automaker, notched a 90 percent rise in fourth-quarter earnings thanks largely to a number of tax gains. Revenues rose 3.6 percent compared with the year-ago period.

“We had an outstanding year in 2013, demonstrating that our One Ford plan continues to drive solid results and profitable growth for all,” Ford chief executive Alan Mulally said in a statement.

Ford’s North America division, which accounts for nearly one-third of company sales, reported higher quarterly sales but nine percent lower profits due to lower prices and $300 million in expenses associated with a recall of its Escape sport utility vehicle.

Ford enjoyed higher sales and wholesale deliveries in its Asia Pacific Africa segment, where pre-tax profit hit a record $106 million, about three times more than in the year-ago period.

In Europe, Ford trimmed its quarterly loss to $571 million from $732 million in the year-ago period, while Ford’s South America division posted a loss of $126 million. The South America results were hit by lower production in Venezuela due to a limited availability of U.S. dollars, the company said.

Overall fourth-quarter profit came in at $3.0 billion on revenue of $37.6 billion compared with year-ago profit of $1.6 billion on revenue of $37.6 billion. The results included $2.1 billion in favorable tax items, such as valuation allowances held against U.S. tax-deferred assets.

The results translated into earnings of 31 cents per share, topping analyst expectations of 28 cents.

The company rated 2013 “one of Ford’s best years ever” as Ford and other U.S. automakers benefited from a surge in auto sales.

Net income for the year was $7.2 billion on revenue of $146.9 billion, up 26.3 percent from 2012 profit of $5.7 billion on revenue of $133.6 billion.

Ford said its 2014 outlook was unchanged with total company pre-tax profit expected to range from $7 billion to $8 billion.

Ford shares were up 2.1 percent at $16.04 in pre-market trade.

Photo: Mira Oberman via AFP