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Jun 30, 2024
Ensign Group Q2 2024 Earnings Report
Ensign Group reported record results and raised annual earnings and revenue guidance.
Key Takeaways
The Ensign Group reported a strong second quarter in 2024, with a 12.5% increase in consolidated GAAP and adjusted revenue, reaching $1.04 billion. GAAP diluted earnings per share were $1.22, and adjusted diluted earnings per share were $1.32. The company also raised its annual earnings guidance to between $5.38 to $5.50 per diluted share and revenue guidance to between $4.20 billion to $4.22 billion.
GAAP net income increased by 11.0% over the prior year quarter, reaching $71.0 million.
Consolidated GAAP and adjusted revenue increased by 12.5% over the prior year quarter, totaling $1.04 billion.
Same Facilities occupancy increased by 2.8% over the prior year quarter, reaching 80.8%.
The company raised its annual 2024 earnings guidance to between $5.38 and $5.50 per diluted share and revenue guidance to between $4.20 billion and $4.22 billion.
Revenue by Segment
Forward Guidance
The company raised and narrowed its annual 2024 earnings guidance to between $5.38 to $5.50 per diluted share, up from $5.29 to $5.47 per diluted share, and increased its annual revenue guidance to between $4.20 billion to $4.22 billion, up from its previous guidance of $4.13 billion to $4.17 billion.
Positive Outlook
- Solid skilled mix and occupancy growth.
- Continued strength from recent acquisitions.
- New midpoint of 2024 earnings guidance represents an increase of more than 14% of 2023 results.
- New midpoint of 2024 earnings guidance is 31% higher than 2022 results.
- Confidence in partners' ability to manage and innovate while balancing the addition of newly acquired operations.
Challenges Ahead
- Guidance assumes normalized health insurance costs.
- Guidance assumes current expectations regarding reimbursement rates.
- Guidance excludes certain charges that arise outside of the business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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