HCA reported 2Q24 earnings overnight that were ahead of expectations, plus they increased full-year guidance. Shares were up 7% early on, hitting a new all-time high before tapering off to close up 4.5%. Earnings per share (EPS) of $5.50 compared to expectations of $4.90, with profit coming in 11% ahead of consensus. They are now guiding to FY24 EPS of $21.60 to $22.80, up from $19.70 to $21.20, and this compares nicely to the prior consensus of $20.88, implying a 6% upgrade.
There was some concern coming into the result that this period was as good as it gets for the hospital operator. However, the strong guidance shows they expect the continuation of current trends – the strong keep getting stronger!
- A beat and bump for HCA, with momentum remaining strong, allaying some of the near-term concerns that had us more neutral on this holding in recent months.
MM is now bullish & remains long HCA
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