Bollywood Fever: Hospital operator Universal Health Services (UHS) exceeded Wall Street’s profit estimates for the second quarter on Wednesday, driven by increased patient admissions. Following the announcement, the company’s shares rose 6.2% to $197.50 after hours.
UHS also raised its annual adjusted profit forecast to a range of $15.40 to $16.20 per share, up from the previous estimate of $13 to $14 per share. The hospital sector has seen a surge in demand for medical care, particularly from older adults, which had been delayed during the pandemic.
For the quarter ended June 30, UHS reported an adjusted profit of $4.31 per share, surpassing analysts’ expectations of $3.28 per share, according to LSEG data. Same facility adjusted admissions increased by 3.4% at acute care hospitals but decreased by 0.4% at behavioral health care facilities.
Quarterly revenue rose by 10.1% to $3.91 billion, beating the analysts’ estimate of $3.86 billion.
Larger competitor HCA Healthcare, the largest for-profit hospital operator in the United States, also raised its annual profit forecast on Tuesday, citing strong demand and volumes anticipated to continue throughout the year.
Universal Health Services now projects 2024 revenue to be between $15.57 billion and $15.75 billion, slightly above the analysts’ average expectation of $15.59 billion.
Also Read other news articles, Italgas Reports 11% Rise in H1 Adjusted Core Earnings Amid Regulatory Boost
SEBI Study Reveals 300% Surge in Intraday Traders in India Amid Rising Losses
Equinor Reports 4% Drop in Q2 Profits Amid Falling Natural Gas Prices