HCA Healthcare blows past earnings estimates as it books gain on sale of facilities, offers upbeat guidance – MarketWatch

HCA Healthcare Inc. HCA, -2.65% blew past earnings estimates for the third quarter on Friday, and offered guidance that was above consensus as the coronavirus pandemic caused a surge in demand for hospital care. The Nashville, Tenn.-based hospital operator said it had net income of $2.269 billion, or $7.00 per share, compared to $668 million, or $1.95 per diluted share, in the year -earlier period. Revenue rose to $15.276 billion from $13.311 billion. The FactSet consensus was for EPS of $4.06 on revenue of $14.476 billion. “During the third quarter we experienced the most intense surge yet of the pandemic, and our colleagues and physicians delivered record levels of patient care to meet the demand caused by the Delta variant,” CEO Sam Hazen said in a statement. The results included a gain on sales of facilities of $1.047 billion, or $2.43 a share. Same-facility admissions rose 6.8% in the quarter from the year-earlier period, while same-facility emergency room visits jumped 31.2%. The company is now expecting full-year EPS to range from $17.20 to $17.80 and for revenue to range from $58.7 billion to $59.3 billion. The FactSet consensus is for EPS of $17.05 and $57.872 billion. Shares were up 1% premarket and have gained 58% in the year to date, while the S&P 500 SPX, -0.11% has gained 21%.
Internet stocks were under pressure in premarket trading on Friday, dragged lower by Snap undefined, after the owner of social media app Snapchat said privacy changes imposed by Apple were weighing on digital advertising and would hurt the holiday quarter to come. Shares of Snap fell 20% in premarket trading slumping after results late Thursday. That put the stock on track to open at a three-month low. Other companies that rely on digital ads were under pressure in premarket trading, including Facebook undefined down more than 3%, with Etsy undefined, Shopify, Stitch Fix and Pinterest all off by 1% or more.
Ciara Linnane is MarketWatch’s investing- and corporate-news editor. She is based in New York.

source