The for-profit hospital operator posted another strong quarter and improved its financial guidance for the end of the year thanks to continued rising admissions.
With total revenues of $11.5 billion and cash flows from operations of $1.58, HCA Healthcare Inc. posted another strong quarter, according to its Q2 earnings report released Wednesday morning.
HCA saw its total revenues increase 7.4% year-over-year, along with its adjusted EBITDA reaching $2.22 billion, an increase of 6.6% year-over-year.
Related: HCA Revenues Up 7.5% in Q1
Rising admissions, long a driver of HCA's earnings success, continued in two areas during Q2: same facility equivalent admissions were up 2.8% and same facility admissions were up 2.7% year-over-year.
Related: Higher Admissions Drive HCA’s Q4 Earnings, Stock Price
The consistent success of HCA's operations led the company to revise its end-of-year guidances. Revenues are now projected between $45.5 to $46.5 billion, adjusted EBITDA between $8.65 to $8.85 billion, and capital expenditures near $3.5 billion.
Related: HCA's CEO Earned 312-Times As Much As Median Employee Last Year
Below are highlights from HCA's Q2 earnings report:
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HCA's net operating income totalled $820 million for Q2, up from $657 million this time last year.
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This was aided by a tax benefit of $121 million due to the implementation of the federal tax reform bill last year.
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HCA also repurchased $470 million worth of common stock in Q2, leaving it with $910 million left in its current repurchase authorization.
Additional information is available in HCA's filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.