Universal Health Services falls after cut in FY profit forecast
UHS•Stock remains down sharply this year
UHS stock is down 26% year to date.
Second-quarter results beat estimates
UHS reported an adjusted profit of $5.98 per share for the second quarter, beating analysts' estimates of $5.96 per share, according to data compiled by LSEG.
During the quarter, net revenue rose 8.3% to $4.64 billion, from $4.25 billion in the same quarter last year, also beating estimates of $4.58 billion.
Shares fall after full-year profit forecast cut
Shares of hospital operator Universal Health Services UHS.N fell 7.1% to $154 in extended trading after the company cut its full-year adjusted earnings forecast.
The company lowered its full-year adjusted earnings forecast to a range of $22.28 to $23.65 per share, down from its previous projection of $22.64 to $24.52 per share. UHS said the revised forecast reflects changes in Medicaid supplemental payment programs, which provide hospitals with reimbursements above standard Medicaid payment rates and help fund care for low-income patients.
