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Oct 25, 2023
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HCA Healthcare Inc. fell 1.4% to $226.95, and the hospital chain operator reported mixed quarterly results.
Revenue in the third quarter increased to $16.2 billion from $14.97 billion, net income attributable to shareholders decreased to $1.08 billion from $1.13 billion, and diluted earnings per share were flat at $3.91 compared to a year ago.
Same-facility admissions increased 3.4%, emergency room visits rose 3.5%, inpatient surgeries inched up 1.6%, and outpatient surgeries edged up 0.9%.
Same facility revenue per equivalent admission advanced 3.6% from the year-ago period.
The company announced a quarterly cash dividend of 60 cents per share payable on December 28 to share shareholders on record on December 14.
The company revised its 2023 revenue guidance to between $63.5 billion and $64.5 billion from the previous range of between $63.25 billion and $64.75 billion.
HCA tightened its range for net income attributable to shareholders between $4.94 billion and $5.13 billion from the previous range between $4.90 and $5.255 billion.
HCA also narrowed its diluted earnings per share range to between $17.80 and $18.50 from the previous guidance between $17.70 and $18.90. -
Moody's Corp. advanced 2.8% to $314.05 after the investment information provider reported quarterly results.
Revenue in the third quarter increased 15% to $1.5 billion from $1.27 billion, net income advanced to $389 million from $303 million, and diluted earnings per share rose to $2.11 from $1.65 a year ago.
The board of directors declared a quarterly cash dividend of 77 cents per share payable on December 15 to shareholders on record on November 14.
During the quarter, Moody's repurchased 0.5 million shares at an average cost of $337.46 per share and issued 0.1 million as part of its employee stock-based compensation program. -
The Coca-Cola Company jumped 2.8% to $55.63 after the beverage company reported stronger-than-expected third-quarter earnings and lifted its annual outlook as the company sold more cases of beverages.
Revenue in the third quarter increased 8% to $11.95 billion from $11.1 billion, net income advanced 9% to $3.1 billion from $2.8 billion, and diluted earnings per share rose to 71 cents from 65 cents a year ago.
Unit case volume increased 2% from a year ago, and price and product mix jumped 9%, driving comparable sales by 8% in the quarter. -
General Electric Company increased 7.4% to $114.47 after the engineering and healthcare company reported stronger-than-expected third quarter earnings.
Revenue in the third quarter rose 20% to $17.4 billion from $14.5 billion, driven primarily by increases in the aerospace and renewable energy segments.
GE Aerospace orders rose 34% and revenue jumped 25%, led by commercial engines and services, and defense orders rose 8%.
Renewable energy segment revenue rose 14%, driving revenue growth at GE Vernova.
Net income attributable to shareholders increased to $258 million from $88 million, and diluted earnings per share rose to 24 cents from 8 cents a year ago.
General Electric is set to trade as two independent companies, GE Aerospace and GE Vernova, in the second quarter of 2024. -
General Motors Company rose 0.3% to $29.29 after the vehicle maker reported rising sales and earnings in the third quarter, but the automaker also pulled its annual earnings outlook, citing the ongoing United Auto Workers strike.
Revenue in the third quarter increased 5.4% to $41.89 billion, net income edged lower to $3.06 billion from $3.31 billion, and diluted earnings per share eased to $2.20 from $2.25 a year ago.
The company also withdrew its previously issued adjusted annual earnings outlook between $12 billion and $14 billion and net income attributable to shareholders between $9.3 billion and $10.7 billion. -
Tesla Inc. rose 1.8% to $215.91, and the company said in a regulatory filing that it is facing several investigations from the Department of Justice covering a range of electric vehicles, "personal benefits and related parties and personnel decisions," and other issues involving its operations.
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RTX Corp. soared 5.9% to $77.48 after the aerospace company reported better-than-expected revenue and earnings in its latest quarterly results.
Revenue in the third quarter declined 21% to $13.5 billion from $17 billion, and the company swung to a net loss of $984 million from a profit of $1.4 billion, and diluted earnings per share dropped to ($0.68) from 94 cents a year ago.
The backlog at the end of the third quarter was $190 billion, of which $115 billion was from commercial aerospace and $75 billion was from defense contracts.
The board of directors approved a $10 billion accelerated stock repurchase program scheduled to begin immediately, resulting in a post-merger shareholder return commitment of between $36 billion and $37 billion through 2025, up from the previous range of between $33 billion and $35 billion. -
Spotify Technology SA jumped 7.2% to $165.10 after the audio streaming company reported third-quarter revenue that met investors' expectations, and the company said monthly active subscribers are expected to top 600 million in the fourth quarter.
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Mueller Industries increased 2.2% to $35.85 after the company reported its latest quarterly results.
Revenue in the third quarter declined to $819.8 million from $944.8 million, reflecting lower demand in the wholesale channel as distributors worked through inventories of products used in residential construction.
Net income declined to $132.7 million from $154.5 million, and diluted earnings per share fell to $1.17 from $1.37 a year ago, reflecting a two-for-one stock split effective October 20. -
NVR Inc. declined 2.6% to $5,362.0 after the home builder reported a decline in revenue in the third quarter.
Consolidated revenue declined 7% to $2.57 billion from $2.85 billion, net income rose to $432.2 million from $411.4 million, and diluted earnings per share advanced to $125.56 from $118.51 a year ago.
New home orders in the third quarter increased by 7% to 4,746 units from 4,421 units, and the average sales price of new orders increased by 1% to $456,100 a year ago.
The cancellation rate decreased to 14% in the third quarter from 15% a year ago.
The average home settlement price declined 3% to $448,000, and the backlog of homes sold but not settled dropped on a unit basis by 4% to 10,371 units and eased on a dollar basis by 6% to $4.8 billion from a year ago.
Oct 24, 2023