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Mar 31, 2020
Ensign Group Q1 2020 Earnings Report
Ensign Group reported record operating results, with GAAP diluted earnings per share of $0.73 and adjusted earnings per share of $0.77. Consolidated GAAP revenues increased by 25.1% over the prior year quarter. The company maintained its 2020 annual earnings and revenue guidance.
Key Takeaways
The Ensign Group announced record operating results for Q1 2020, with a GAAP diluted EPS of $0.73 and an adjusted EPS of $0.77. Consolidated GAAP revenues reached $589.6 million, a 25.1% increase year-over-year. Despite the impact of COVID-19 in the latter part of the quarter, the company is maintaining its 2020 annual earnings and revenue guidance.
GAAP diluted earnings per share increased by 87.2% year-over-year to $0.73.
Adjusted diluted earnings per share increased by 92.5% year-over-year to $0.77.
Consolidated GAAP revenues increased by 25.1% year-over-year to $589.6 million.
Same store occupancy was 80.1%, a 28 basis point increase over the prior year.
Ensign Group
Ensign Group
Ensign Group Revenue by Segment
Revenue by Segment
Skilled Services Revenue
CapyFin.com Forward Guidance
The company is maintaining its 2020 annual earnings guidance of $2.50 to $2.58 per diluted share and annual revenue guidance of $2.42 billion to $2.45 billion.
Positive Outlook
- Better-than-expected results in the first quarter
- Implementation of certain cost reduction initiatives
- Positive news in both reimbursement and stimulus funding
- Signs of stabilization in occupancy in many markets
- Optimism that occupancies will continue to recover in the second half of the year as hospitals reopen and vital elective procedures begin to take place.
Challenges Ahead
- Significant impact from the pandemic on second quarter
- Significant impact from the pandemic bleeding into the third quarter.
- Uncertainty regarding the full impact of COVID-19 on the business.
- Potential for resurgence of the COVID-19 pandemic.
- Pathway to achieving results will differ significantly from previous guidance and the quarterly cadence has changed