HCA Healthcare Q3 Earnings Miss Street, Now Sees FY24 At Lower-half Of Outlook Range; Stock Drops

(RTTNews) - HCA Healthcare, Inc. (HCA), while reporting higher third-quarter results, on Friday confirmed its fiscal 2024 outlook, but said it now estimates that results are likely to be in the lower half of the ranges, due to the ongoing impact of the two major hurricanes on the remainder of the year.

In pre-market activity on the NYSE, HCA shares were losing around 8.1 percent to trade at $366.50.

For fiscal 2024, the company expects net income attributable to the company of $5.675 billion to $5.975 billion and earnings per share of $21.60 to $22.80.

Analysts on average expect the company to report earnings of $22.62 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA for the year is still expected to be $13.750 billion to $14.250 billion.

The company expects revenues in the range of $69.750 billion to $71.750 billion. The Street is looking for annual revenues of $70.91 billion.

Further, HCA Healthcare issued fiscal 2025 outlook, expecting earnings per share and adjusted EBITDA growth to be near, or slightly above, the upper end of its long-term growth ranges.

The company anticipates some ongoing impact in 2025 from Hurricane Helene on its North Carolina facilities, but these ongoing effects would be manageable, it said.

HCA also announced that its Board of Directors declared a quarterly cash dividend of $0.66 per share, to be paid on December 27 to stockholders of record at the close of business on December 13.

In its third quarter, HCA Healthcare's earnings increased from last year but missed the Street estimates.

The company's earnings came in at $1.270 billion, or $4.88 per share. This compares with $1.079 billion, or $3.91 per share, in last year's third quarter.

Analysts had expected the company to earn $4.97 per share.

The company's revenue for the quarter rose 7.9 percent to $17.487 billion from $16.213 billion last year.

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