Hospital Owner HCA Tumbles on Earnings Miss. Costs Were the Issue.

📆 24/10/2023 16:05:00
📰 MarketWatch

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The report came on what was otherwise a bright morning for the healthcare sector, which has been significantly beaten down this year.

Shares of HCA Healthcare dropped 6.9% Tuesday morning as costs offset unexpectedly strong revenue, leaving earnings lower than expected.

For HCA , things were gloomier. The company’s earnings came in below expectations, even as revenue was higher than expected, because of what appeared to be higher-than-expected doctor expenses. The company reported earnings of $3.91 per diluted share, below the consensus call for $3.98, and down from the $3.93 the hospital chain reported last year.

HCA cut its full-year guidance, saying it now expects diluted earnings of $17.80 to $18.50 per share, down from its prior estimate for $17.70 to $18.90. The company cut its forecast for adjusted Ebitda to between $12.3 billion and $12.6 billion, from $12.3 billion to $12.8 billion.

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