Stock Track | Healthcare Services Group Dips on Q3 Earnings Miss

Stock Track10-24 21:33

Shares of Healthcare Services Group (NASDAQ: HCSG) dropped 5.01% on October 24, 2024, after the company reported its third-quarter 2024 earnings results. While the company's revenue was in line with expectations, its earnings per share (EPS) missed analyst estimates, triggering a sell-off in the stock.

For the third quarter, Healthcare Services Group reported revenue of $428.1 million, up 4.1% year-over-year, driven by growth in both its housekeeping and dining segments. The company's net income improved significantly to $14 million, compared to a net loss of $5.49 million in the same quarter last year.

However, the company's EPS of $0.19 missed analyst estimates by 3.9%. This earnings miss appears to be the primary factor behind the stock's decline, as investors reacted negatively to the slightly weaker-than-expected profitability.

Despite the earnings miss, Healthcare Services Group reaffirmed its 2024 adjusted cash flow guidance, indicating that the company's overall financial outlook remains intact. The company also highlighted positive industry trends, including rising occupancy rates and a stable reimbursement environment, which bode well for future growth.

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While the company's revenue was in line with ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HCSG","symbol_name":"医疗保健服务","start_time":0,"source_url":"","article_id":"1149493469","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1149493469","pubTimestamp":1729776812,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Healthcare Services Group  dropped 5.01% on October 24, 2024, after the company reported its third-quarter 2024 earnings results. 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