Community Health Systems Slips To Q2 Loss On Weak Revenues; Stock Down

(RTTNews) - Community Health Systems Inc.'s (CYH) shares plunged around 47 percent in the after hours trading on the NYSE after the company reported a loss in its second quarter, compared to prior year's profit, hurt by weak revenues.

For the quarter, net loss attributable to stockholders was $326 million or $2.52 per share, compared to net income of $6 million, or $0.04 per share last year.

On an adjusted basis, prior year's net income was $0.23 per share.

On average, eight analysts polled by Thomson Reuters expected earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $253 million, compared with $453 million for the same period in 2021.

Net operating revenues totaled $2.93 billion, a 2.4 percent decrease compared with $3.01 billion a year ago. Analysts estimated revenues of $3.14 billion for the quarter.

The results reflected a 3.4 percent decrease in admissions and a 0.4 percent decrease in adjusted admissions.

On a same-store basis, admissions decreased 3.5 percent and adjusted admissions decreased 0.5 percent.

Community Health Systems shares settled on Thursday's regular trading at $5.18, up 3.2 percent. In the after hours, the shares fell 47.1 percent to trade at $2.74.

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