NASHVILLE - HCA Healthcare, Inc. (NYSE: NYSE:HCA) reported a significant beat on both earnings and revenue for the first quarter of 2024, yet shares fell 2.22% as investors digested the results. The company announced a first-quarter earnings per share (EPS) of $5.93, outpacing the analyst consensus of $5.06. Revenue also exceeded expectations, coming in at $17.34 billion against the anticipated $16.81 billion.
The first quarter's revenue showed a robust increase from the $15.591 billion reported in the same quarter last year, marking an 11.2% rise. This growth was primarily driven by a 6.2% increase in same facility admissions and a 5.2% rise in same facility equivalent admissions. HCA's CEO, Sam Hazen, attributed the strong performance to "broad-based volume growth," underlining the company's continued momentum from the previous year.
Looking ahead, HCA reaffirmed its full-year 2024 guidance, projecting an EPS range of $19.70 to $21.50, with the midpoint of $20.60 slightly below the analyst consensus of $20.64. The company expects revenue to range between $67.75 billion and $70.25 billion, with the midpoint of $69 billion marginally below the consensus estimate of $69.12 billion.
HCA's balance sheet as of March 31, 2024, showed a solid financial position with cash and cash equivalents of $1.284 billion and total assets of $56.962 billion. The company's cash flow from operations also saw a healthy increase, totaling $2.469 billion for the quarter, up from $1.803 billion in the first quarter of the previous year.
In addition to the financial results, HCA announced a quarterly cash dividend of $0.66 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024. The company emphasized that future dividends would depend on various factors, including financial performance and contractual obligations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.