Community Health Systems Shares Are Trading Higher After Q3 Earnings

• Community Health Systems Inc (NYSE: CYH) posted Q3 net operating revenues of $3.025 billion, down 2.9% Y/Y, slightly below the consensus of $3.04 billion.

• On a same-store basis, net operating revenues decreased by 2.3%.

• Lower sales reflect a 3.7% decrease in admissions and a 3.8% increase in adjusted admissions.

• On a same-store basis, admissions decreased by 2.2%, and adjusted admissions increased by 5.2%.

• Hurricane Ian in Florida impacted, resulting in a loss of net operating revenues and incremental expenses estimated at approximately $10 million on a pre-tax basis.

• "Against a continued backdrop of challenging industry and environmental factors in the third quarter, we focused our efforts on making important sequential progress in key areas. We were successful at driving stronger surgical volumes and saw other volume indicators rebound midway through the quarter," said CEO Tim Hingtgen.

• Adjusted EBITDA was $400 million compared with $482 million a year ago.

• The company reported an adjusted EPS of $(0.52) compared to an income of $0.69.

• Price Action: CYH shares are up 20.6% at $2.78 on the last check Thursday.

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