FRANKLIN, Tenn. – Shares of Community Health Systems Inc. were down nearly 50% yesterday following Wednesday’s announcement of its preliminary results for the third quarter.
Shares of CHS, which are traded on the New York Stock Exchange, closed at $5.05 yesterday, down from $10.03 at Wednesday’s close. CHS operates ValleyCare Health System in northeastern Ohio and Sharon Regional Health System in Sharon, Pa.
According to the preliminary results, the company anticipates a loss of approximately $83 million in income from continuing operations before taxes, as compared with operational income before taxes of $121 million for the quarter ended Sept. 30 2015.
Net operating revenues for third quarter 2016 are expected to be $4.38 billion, compared with $4.85 billion for the same period in 2015. Adjusted earnings for the quarter ended Sept. 30 is expected to be approximately $465 million, compared with $661 million for the same period in 2015.
The results are subject to revision upon finalization of CHS’ quarterly accounting and financial reporting procedures. CHS will announce its results after close of business Nov. 1.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our print edition and sign up to our free daily headlines.