HCA Holdings Inc (NYSE:HCA)Holdings (HCA) shares tumbled Tuesday after the company missed third-quarter earnings consensus expectations.
The healthcare company reported earnings of $3.91, $0.07 worse than the analyst estimate of $3.98. Revenue for the quarter came in at $16.21 billion, above the consensus estimate of $15.83B.
“During the quarter, most aspects of our business were positive, including continued solid demand for our services, which translated into strong revenue growth," added Sam Hazen, Chief Executive Officer of HCA Healthcare. However, the company said its results were unfavorably impacted by its Valesco physician staffing joint venture, which performed below expectations.
HCA shares are down 5.5% at the time of writing, trading around the $227.63 mark. The stock initially dropped to a low of $216 per share on the news.
Looking ahead, HCA sees FY2023 EPS from $17.80 to $18.50 versus the prior guidance of $17.70-$18.90. The consensus expectation was $18.44. FY2023 revenue is seen between $63.5B and $64.5B, versus the prior guidance of $63.25-$64.75B and consensus of $63.9B.