HCA Healthcare Q2 Earnings Beat Market, Lifts FY24 Outlook; Stock Up In Pre-market

(RTTNews) - HCA Healthcare, Inc. (HCA) on Tuesday reported higher earnings in its second quarter, above market estimates, with strong revenue growth. Further, the company lifted its fiscal 2024 forecast for earnings and revenues above market.

In pre-market activity on the NYSE, HCA shares were gaining around 7.3 percent to trade at $349.

For fiscal 2024, the company now expects net income attributable to the company of $5.675 billion to $5.975 billion, higher than previously expected $5.200 billion to $5.600.

Earnings per share is now projected to be $21.60 to $22.80, up from $19.70 to $21.20 per shares expected earlier. Analysts on average expect the company to report earnings of $20.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Adjusted EBITDA for the year is now expected to be $13.750 billion to $14.250 billion, higher than earlier estimate of $12.850 billion to $13.550 billion.

The company now expects revenues in the range of $69.750 billion to $71.750 billion, up from prior estimate of $67.750 billion to $70.250 billion. The Street is looking for annual revenues of $69.79 billion.

Capital expenditures for 2024, excluding acquisitions, are estimated to be in the range of $5.1 billion to $5.3 billion.

Further, HCA announced that its Board of Directors declared a quarterly cash dividend of $0.66 per share. The dividend will be paid on September 30 to stockholders of record at the close of business on September 16.

In its second quarter, net income attributable to HCA totaled $1.461 billion or $5.53 per share, compared to $1.193 billion or $4.29 per share last year.

Revenues in the second quarter totaled $17.492 billion, compared to $15.861 billion in the second quarter of 2023.

The analysts expected earnings of $4.88 per share on revenues of $17.05 billion for the quarter.

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