The Ensign Group (ENSG) Tops Q3 EPS by 5c

The Ensign Group (NASDAQ: ENSG) reported Q3 EPS of $0.78, $0.05 better than the analyst estimate of $0.73. Revenue for the quarter came in at $599.3 million versus the consensus estimate of $599.26 million.

“We are announcing another record quarter despite the continued challenges arising from the global pandemic. With the second surge of COVID-19 that occurred during the third quarter in some of our largest states, including Texas, Arizona and California, our local teams were faced with an incredible challenge and have again demonstrated incredible agility and responsiveness to the evolving landscape. True to form, they remain as committed as ever to the cause of quality outcomes and excellent patient care. As a result of their heroic efforts, our local operators and caregivers have translated their passion into record-breaking results,” said Ensign’s Chief Executive Officer Barry Port. He emphasized that in early July the company returned all of the CARES Act Provider Relief Funds it received from the Government, and that the quarter’s results do not include any benefit related to those relief funds. The Company joined other well-capitalized healthcare providers by returning $109 million in provider grants and announced today that it will also be returning approximately $23 million in the latest round of relief funds. He continued, “Our local leadership teams continue to make clinical and operational improvements that are tailored to conditions they face in their local market and, with the continued support of a world-class Service Center, we remind you again that our local leaders and dedicated front-line staff are the reason we were able to report such a strong quarter."

GUIDANCE:

The Ensign Group sees FY2020 EPS of $3.04-$3.12, versus the consensus of $3.06. The Ensign Group sees FY2020 revenue of $2.42-2.45 billion, versus the consensus of $2.41 billion.

For earnings history and earnings-related data on The Ensign Group (ENSG) click here.

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