: HCA Healthcare shares drop as third quarter profit falls below expectations

Shares of HCA Healthcare HCA fell 9% premarket Tuesday, after the hospital operator reported third quarter profit that missed analysts’ expectations. Net income was $1.079 billion, or $3.91 per share, compared with $1.134 billion, or $3.91 per share, a year earlier. The FactSet earnings per share consensus was $3.98. Results were dragged down by the Valesco physician staffing joint venture, which performed below expectations, HCA CEO Sam Hazen said in a statement. Revenue totaled $16.213 billion, up from $14.971 billion in the year-earlier period and beating the FactSet consensus of $15.822 billion. Same-facility equivalent admissions rose 4.1%, while same-facility emergency room visits increased 3.5%. HCA narrowed its full-year revenue and earnings guidance range, saying it now expects revenue of $63.5 to $64.5 billion, compared with previous guidance of $63.25 to $64.75 billion, and earnings per share of $17.80 to $18.50, versus earlier guidance of $17.70 to $18.90. HCA stock has gained 0.4% in the year to date, while the S&P 500 SPX has gained 9.8%.

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