Stock Alert: Acadia Healthcare Gains 16%

(RTTNews) - Shares of Acadia Healthcare Company, Inc. (ACHC) are spiking more than 16% Tuesday morning following upbeat first-quarter earnings.

Net income for the first quarter increased to $33.5 million, or $0.38 per share, from $29.5 million, or $0.34 per share, for the same quarter a year ago. Excluding items earnings of $0.42 beat average estimate of 14 analysts polled by Thomson Reuters at $0.38.

Revenue for the quarter rose 2.9% year-on-year at $782.8 million.

As of March 31, 2020, the company had $81 million in cash and cash equivalents and availability of $500 million under revolving credit facility.

However, since Acadia is uncertain about the impacts of Covid-19 pandemic on its financial results for 2020, it has withdrawn outlook provided in February.

ACHC is currently trading at $25.15. It has traded in the range of $11.09- $35.40 in the past one year.