The shares of HCA Healthcare Inc. HCA,
It increased 5.6% in premarket trading, after the hospital operator beat estimates for its second quarter. HCA said it had net income of $ 1,079 billion, or $ 3.16 per share, in the quarter, up from $ 783 million, or $ 2.25 per share, in the prior year period. The company recognized $ 822 million, or $ 1.73 per share, in government stimulus revenue in the quarter under the CARES Act. It also posted facility sales losses of $ 27 million, or 7 cents per share, along with facility sales gains of $ 18 million, or 4 cents per share. Revenue fell to $ 11,068 billion from $ 12,602 billion. The FactSet consensus was for a loss per share of 20 cents and revenue of $ 10.091 billion. Admissions to the same facilities fell 12.8% in the quarter. Inpatient surgeries at the same center decreased 15.7 percent, while outpatient surgeries at the same center decreased 32.6 percent, as non-emergency procedures were stopped during the pandemic. “Patient volumes on most service lines were significantly affected in April due to state and local policies implemented to contain the spread of COVID-19 and preserve personal protective equipment,” the company said. “Patient volumes gradually improved in May and June as states began to reopen and allow non-urgent procedures.” The company ended the quarter with cash of $ 4,638 billion, total debt of $ 30,942 billion and total assets of $ 48,709 billion. Shares have fallen 26% in the year to date, while the S&P 500 SPX,
It has gained 0.8%.
.
