HCA Healthcare has released its second quarter earnings results, which surpassed Wall Street expectations but did not reach the Zacks Investment Research estimate of $14.87 billion in revenue.
The Nashville-based hospital conglomerate saw revenues totaling $14.82 billion, up from $14.44 in the second quarter of 2021. Net income attributable to HCA Healthcare totaled $1.16 billion, or $3.90 per diluted share, as compared to $1.45 billion or $4.36 per diluted share in the second quarter of 2021.
On Friday's conference call, HCA CEO Sam Hazen said recruitment was up and turnover was down for the company. The amount of contract labor used and the pay for those contractors was lower than it was in the first quarter, as anticipated.
Patient volumes are returning to pre-pandemic levels, though growth for inpatient admissions is at a more modest level than previously indicated. Capacity was higher in the second quarter, Hazen added, though there were points in which staffing shortages made for constrained capacity and prevented transfers.
“Many aspects of our business were positive considering the challenges we faced with the labor market and other inflationary pressures on costs,” said Hazen. “Our teams executed well as they have in the past through other difficult environments. Again, I want to thank them for their dedication and excellent work.”
During the second quarter, HCA’s nursing college, Galen College of Nursing, announced a new campus in Asheville, North Carolina. The hospital giant also faced a legal challenge from the Federal Trade Commission over its intention to acquire five Utah hospitals.
HCA (Ticker: HCA) shares saw a 12 percent jump on the day of the second quarter earnings conference call. Shares were trading at $197.78 as of press time Monday.