Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

HCA to return $6 billion COVID-19 relief funding; sees third-quarter revenue ahead of estimates

Published 10/08/2020, 06:34 PM
Updated 10/08/2020, 06:35 PM

(Reuters) - Hospital operator HCA Healthcare (N:HCA) said on Thursday it will return about $6 billion of government funding it received as coronavirus relief and expects third-quarter revenue to be above analysts' estimates.

Shares of the company jumped 8% to $142.50 in extended trade, after HCA said returning taxpayers' dollars was "the socially responsible thing to do" as the initial immediacy of the emergency had passed.

HCA said it expects to repay the relief fund from available cash and future cash flows from operations. The hospital operator had $4.64 billion in cash and cash equivalents as of the second quarter.

The company expects third-quarter revenue to grow to $13.30 billion from $12.69 billion a year earlier. Analysts expect revenue of $12.67 billion in the quarter, according to IBES estimates from Refinitiv.

The company expects to report its third-quarter results on or after Oct. 26.

Latest comments

People thought Covid was going to hurt hospitals because of lack of elective procedures. turns out they can make more on volumes of covid ICU patients. HCA stock paid for my kids college!
so much for the J P Morgan downgrade
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.