UPDATE: Universal Health (UHS) Misses Q1 EPS by 31c, Revenue Beats, Sees Uncertainties Related to COVID-19 Pandemic
Universal Health (NYSE: UHS) reported Q1 EPS of $2.15, $0.31 worse than the analyst estimate of $2.46. Revenue for the quarter came in at $3.29 billion versus the consensus estimate of $3.21 billion.
On February 24, 2022, we provided our 2022 operating results forecast as part of our 2021 fourth quarter and full year financial results' announcement. As disclosed at that time, since the future volumes and severity of COVID-19 patients remain highly uncertain and subject to change, as well as pressures on staffing and wage rates, we are not able to fully quantify the impact that these factors will have on our future financial results.
Our operating results during the first quarter of 2022 reflect continued uncertainties related to the COVID-19 pandemic as well cost escalations related to the nationwide shortage of nurses and other clinical staff and support personnel. As a result, our labor costs were higher than anticipated, and patient volumes at our behavioral health care facilities were lower than anticipated, which unfavorably impacted our operating results during the first quarter of 2022.
At this time, we are not changing our previously released 2022 operating results forecast. However, given the continued uncertainties related to the COVID-19 pandemic, as well as the healthcare staffing shortage and its unfavorable impact on our labor costs and behavioral health patient volumes, we may make reductions to our 2022 full year operating results forecast at a future date if the unfavorable operating trends experienced during the first quarter of 2022 do not improve.
For earnings history and earnings-related data on Universal Health (UHS) click here.