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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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