Shares of healthcare services provider HCA Healthcare, Inc. (HCA) are down more than 17% Friday morning after reporting lower profit in the first quarter, below analysts’ view.
Net income in the first quarter declined to $1.273 billion, or $4.14 per diluted share from $1.423 billion, or $4.14 per diluted share, in the first quarter, impacted by higher labor costs.
Revenues for the quarter, however, increased to $14.945 billion compared to $13.977 billion.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $4.25 per share on revenue of $14.74 billion for the quarter.
HCA, currently at $223.21, has traded in the range of $192.88-$279.02 in the past one year.
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