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HCA Healthcare expects $140M in Q3 expenses, revenue losses from hurricanes

HCA Healthcare Inc. said Hurricanes Harvey and Irma resulted in additional expenses and loss of revenues of about $140 million, or 24 cents per share, in the third quarter.

The estimated amount is before any insurance recoveries the company may get due to the storms' impact on its Corpus Christi, Houston, Florida, Georgia and South Carolina facilities.

For the third quarter, non-GAAP net income attributable to the company is expected to be $447 million, or $1.21 per share, compared with $625 million, or $1.61 per share, in the same period of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the third quarter is $1.48.

On a GAAP basis, net income attributable to HCA Healthcare is projected to be $426 million, or $1.15 per share, compared with $618 million, or $1.59 per share, in the year-ago period.

HCA Healthcare expects third-quarter revenue of $10.70 billion versus $10.27 billion in the same period of 2016.

The third-quarter results include a negative impact to operating results related to the Texas Medicaid waiver program of about $50 million, or 8 cents per share.

HCA Healthcare also lowered its 2017 EPS guidance to $6.45 to $6.70, compared with previous EPS expectations of $7.00 to $7.30. Net income attributable to HCA Healthcare for the year is expected to be between $2.40 billion and $2.50 billion, with revenues expected to be between $43.0 billion and $44.0 billion.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $6.99.