Community Health Systems (NYSE:CYH) stock was soaring on Tuesday following a positive earnings report for the fourth quarter of 2016.
Community Health Systems reported revenue of $4.47 billion for the fourth quarter of the year. This is decrease from the $4.80 billion that was reported by CYH during the same time last year. However, it came in above Wall Street’s revenue estimate of $4.39 billion for the quarter.
During the fourth quarter of 2016, Community Health Systems reported earnings per share of 46 cents. This is an increase over its losses per share of 28 cents that was reported in the fourth quarter of 2015. It also came in well above analysts’ earnings per share estimate of 13 cents for the fourth quarter of the year.
Community Health Systems reported a net loss of $220 million in the fourth quarter of 2016. The net loss reported by the company during the same time last year was $83 million.
“We concluded the year with solid results in the fourth quarter, including sequential improvements in same-store net operating revenue, adjusted EBITDA and cash flow from operations,” Wayne Smith, Chairman and CEO of Community Health Systems, said in a statement. “Significant progress has been made in our work to divest certain hospitals and other operations, enabling a reduction in our debt and the opportunity to reshape our portfolio into a stronger, more sustainable organization.”
Community Health Systems also released its guidance for 2017 in its most recent earnings report. The hospital operator is expecting revenue for the year to be between $15.8 and 16.2 billion. Wall Street is expecting the company to report revenue of $17.07 billion in 2017.
CYH stock was up 33% as of Tuesday afternoon and is up 64% year-to-date.