HCA Healthcare reported a lower profit in the third quarter after a surge in uninsured patients offset higher revenue, but said it expects full-year results at the high end of its guidance.
The operator of healthcare facilities on Tuesday posted net income of $1.58 billion, compared with $1.64 billion in the same quarter a year ago.
On a per-share basis, earnings came to $7.27, up from $6.96.
The company said that it took a $400 million hit on pretax income in the quarter because more patients came in without insurance, primarily due to patients who lost coverage on the health insurance exchanges.
Stripping out one-time items and exceptional costs, adjusted earnings came to $7.22 a share. According to FactSet, analysts were expecting $6.65 a share.
Revenues increased 3.6% to $19.85 billion, topping a more modest increase to $19.33 billion, according to analysts.
Same-facility admissions were up 2.7%.
The company said it now expects its full-year performance to be in the higher end of its guidance range, which was for revenue to be between $77 billion to $79.5 billion, and adjusted earnings to be in the range of $28.70 and $30.50.
Adjusted earnings before interest, taxes, depreciation and amortization were targeted at between $15.4 billion and $16.1 billion.
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