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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.
Ensign Group
Ensign Group
Ensign Group Revenue by Segment
Revenue by Segment
Skilled Services Revenue
CapyFin.comStandard Bearer Revenue
CapyFin.com 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.
- Guidance excludes acquisition-related costs.
- Guidance excludes share-based compensation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income