HCA Healthcare beats earnings expectations and boosts outlook, but stock falls

HCA Healthcare Inc.
HCA,
-1.17%
reported Thursday second-quarter earnings that beat expectations and raised its full-year outlook, as the health care services company saw increases in facility admissions, emergency room visits and surgeries. The stock fell 0.8% toward a six-week low in premarket trading. Net income rose to $1.19 billion, or $4.29 a share, from $1.16 billion, or $3.90 a share, in the year-ago period. The FactSet consensus for earnings per share was $4.25. Revenue grew 7.0% to $15.86 billion, above the FactSet consensus of $15.63 billion. On a same-facility basis, admissions increased 2.2%, emergency room visits were up 3.7% an inpatient surgeries rose 1.8% and outpatient surgeries grew 3.3%. For 2023, the company raised its guidance ranges for EPS to $17.70 to $18.90 from $17.25 to $18.25 and for revenue to $63.25 billion to $64.75 billion from $62.5 billion to $64.5 billion. The stock has run up 17.6% year to date through Wednesday, while the Health Care Select Sector SPDR exchange-traded fund
XLV,
-0.07%
has inched less than 0.1% lower and the S&P 500
SPX,
-0.02%
has rallied 18.9%.