HCA Healthcare 3Q Profit, Revenue Rise
October 26 2020 - 8:22AM
Dow Jones News
By Dave Sebastian
HCA Healthcare Inc., one of the nation's largest hospital
chains, said its third-quarter profit and sales rose as the company
passed the initial months of the coronavirus pandemic and gained
experience managing its operations during the crisis.
The Nashville-based company on Monday posted net income of $668
million, or $1.95 a share, for the September quarter compared with
$612 million, or $1.76 a share, in the comparable period last year.
Analysts polled by FactSet were expecting $2.61 a share. The
company earlier this month said it expected income before income
taxes of about $950 million.
Revenue rose 4.9% to $13.11 billion from $12.69 billion, in line
with the company's expectations. Analysts were looking for $12.9
billion.
The results include a reversal of $822 million, or $1.72 a
share, in stimulus income from Coronavirus Aid, Relief, and
Economic Security Act funds.
The company earlier this month said it would pay back about $6
billion in federal pandemic relief, the latest indicator of the $1
trillion hospital sector's rebound from the Covid-19 pandemic's
effects caused by suspended surgeries and widespread lockdowns. It
said it would return the roughly $1.6 billion it received in direct
relief from the government and repay its relief loans totaling $4.4
billion ahead of schedule.
For the quarter, HCA said same-facility admissions and
equivalent admission fell 3.8% and 9%, respectively. Same-facility
emergency-room visits fell 20%. Same-facility inpatient surgeries
fell 6.8%, while same-facility outpatient surgeries declined 6.3%.
Same-facility revenue per equivalent admission rose 15% due to
increase in acuity of patients treated and the payer mix during the
quarter, the company said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 26, 2020 08:07 ET (12:07 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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