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HCA bonds rise after upbeat second-quarter guidance
By Paul Deckelman
New York, July 16 - HCA Inc.'s bonds and shares rose early Tuesday after the Nashville-based hospital giant issued positive preliminary results for the just ended 2013 second quarter.
A market source said that the company's 7½% notes due 2022, which had finished on Monday at 112½ bid, got as good as 114 in early trading, before coming off that peak to settle in around 113 5/8 as of around 10:45 a.m. ET. Volume of more than $7 million made it one of the busiest junk bonds of the morning.
Parent company HCA Holdings Inc.'s New York Stock Exchange-traded shares were meantime up $1.97, or 5.29%, at $39.18 at 10:45 a.m. ET. Volume of 4.7 million shares was running higher than normal.
HCA said that for the second quarter that ended on June 30, it anticipates reporting revenues of about $8.45 billion, up from $8.11 billion in the second quarter of 2012. Income before income taxes is expected to rise to about $806 million from $699 million a year ago, and net income per diluted share is expected to come in around 91 cents, up from last year's 85 cents.
Adjusted EBITDA for the latest quarter is expected to rise to $1.69 billion from the year-ago $1.57 billion.
Same-facility admissions for the quarter increased 1.3%, while same-facility equivalent admissions increased 1.1%. Same-facility revenue per equivalent admission is expected to have increased by some 2.9% for the 2013 second quarter from the year-ago quarter's level.
The company also reaffirmed its previously issued guidance ranges for the full year.
HCA expects to report its second-quarter and first-half results on or around Aug. 1.
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