Shares of HCA Healthcare Inc. HCA, -0.81% surged 7.1% toward a record high in premarket trading Friday, after the hospital operator reported first-quarter profit that rose well above forecasts and raised its full-year outlook, as same-facility admissions, emergency room visits and surgeries all increased. Net income rose to $1.36 billion, or $4.85 a share, from $1.27 billion, or $4.14 a share, in the year-ago period. The FactSet consensus for earnings per share was $3.91. Revenue grew 4.3% to $15.59 billion, above the FactSet consensus of $15.27 billion. Same-facility admissions increased 4.4%, same-facility emergency room visits rose 10.3%, and inpatient surgeries grew 3.6% while outpatient surgeries increased 5.1%. COVID-19 represented 3.1% of same-facility admissions in the first quarter, down from 9.7% a year ago. For 2023, the company raised its guidance ranges for EPS to $17.25 to $18.55 from $16.40 to $17.60 and for revenue to $62.5 billion to $64.5 billion from $61.5 billion to $63.5 billion. The stock, which was on track to open above the current record close of $275.16 on April 20, 2022, has rallied 12.8% year to date while the S&P 500 SPX, -0.60% has gained 7.6%.
This article was originally published by Marketwatch.com. Read the original article here.