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Chemed
🇺🇸 NYSE:CHE
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•
Sep 30, 2024

Chemed Q3 2024 Earnings Report

Chemed's Q3 2024 performance was marked by revenue growth and increased EPS, driven by strong VITAS segment results, while Roto-Rooter experienced a revenue decrease.

Key Takeaways

Chemed Corporation reported a 7.4% increase in revenue to $606.2 million for Q3 2024. GAAP diluted EPS increased by 1.4% to $5.00, and adjusted diluted EPS rose by 6.0% to $5.64. The VITAS segment saw a 17.3% increase in net patient revenue, while Roto-Rooter's revenue decreased by 6.9%.

Consolidated revenue increased by 7.4% to $606.2 million.

GAAP diluted EPS increased by 1.4% to $5.00, while adjusted diluted EPS increased by 6.0% to $5.64.

VITAS net patient revenue increased by 17.3%, with a 15.5% increase in average daily census.

Roto-Rooter revenue decreased by 6.9%, with a decline in both commercial and residential revenue.

Total Revenue
$606M
Previous year: $565M
+7.4%
EPS
$5.64
Previous year: $5.32
+6.0%
Admissions
16.78K
Previous year: 15.77K
+6.3%
Average Daily Census
21.79K
Previous year: 18.86K
+15.5%
Gross Profit
$194M
Previous year: $187M
+4.0%
Cash and Equivalents
$239M
Previous year: $173M
+37.7%
Free Cash Flow
$77M
Previous year: $17.3M
+345.7%
Total Assets
$1.77B
Previous year: $1.56B
+13.3%

Chemed

Chemed

Chemed Revenue by Segment

Chemed Revenue by Geographic Location

Forward Guidance

Chemed provided its full-year consolidated 2024 earnings per diluted share guidance, excluding certain non-cash expenses and discrete items, is estimated to be in the range of $23.00 to $23.15.

Positive Outlook

  • VITAS continues to perform as anticipated.
  • Full-year consolidated 2024 earnings per diluted share is estimated to be in the range of $23.00 to $23.15.
  • The estimated EPS range represents a 13.3% to 14.0% increase from Chemed’s 2023 reported adjusted earnings per diluted share of $20.30.
  • Guidance assumes an effective corporate tax rate on adjusted earnings of 24.3%.
  • Guidance assumes a diluted share count of 15.22 million shares.

Challenges Ahead

  • Roto-Rooter’s revenue was softer than anticipated during the third quarter of 2024.
  • Roto-Rooter's resulting adjusted EBITDA was softer than anticipated during the third quarter of 2024.
  • Roto-Rooter's resulting adjusted net income was softer than anticipated during the third quarter of 2024.
  • Admissions were negatively impacted during the quarter by approximately 60-100 patients due to Hurricane Helene.
  • The Florida admission impact will be more significant in the fourth quarter with the combination of Hurricanes Helene and Milton.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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