AdaptHealth Q3, Profit, Revenue Miss Consensus Estimates; Cuts Annual Revenue Outlook; Stock Down

(RTTNews) - AdaptHealth Corp. (AHCO) Tuesday reported net income of $22.86 million or $0.15 per share for the third quarter, compared with net loss of $454.08 million or $3.43 per share in the same quarter a year ago. Last year, it had recorded goodwill impairment charges of $511.87 million.

Earnings as well as revenue missed analysts' view. The home medical equipment provider also cut its full-year revenue outlook below the Street expectations. AdaptHealth shares were down more than 13 percent in pre-market.

Revenue for the quarter slightly increased to $805.86 million from $804.03 million in the previous year.

Analysts on average expected the company to report earnings of $0.17 per share on revenue of $809.3 million for the quarter. Analysts' estimates typically exclude special items.

For the full year, AdaptHealth now expects revenue in the range of $3.220 billion - $3.260 billion, down from the previous outlook of $3.255 billion - $3.315 billion. The consensus estimate stands at $3.28 billion.

AdaptHealth shares had closed at $10.15, down 3.33 percent on Monday. It has traded in the range of $6.37 - $11.90 in the last 1 year.