Universal Health Beat On Q2 Earnings, Raises FY21 Outlook, Increases Stock Buyback - Universal Health Servs (NYSE:UHS)

Universal Health Services Inc UHS, an acute care hospital and health care facility operator, posted Q2 2021 adjusted EPS of $3.76, which surpassed the consensus of $2.68, up 28% Y/Y than $2.93 a year ago.
The company added that it saw robust recoveries in patient volumes at its acute care and behavioral health care hospitals compared to Q2 2020.
However, the company cautioned that developments related to COVID-19 could have a material impact on financial results for the rest of the year.
Sales for the quarter increased 17% Y/Y to $3.2billion, beating the estimate of $3.1 billion.
Acute care hospitals owned during both periods (same facility basis), adjusted admissions (adjusted for outpatient activity) increased 26.4%, and adjusted patient days increased 21.6% Y/Y.
At behavioral health care facilities on a same facility basis, adjusted admissions increased 14.1%, and adjusted patient days increased 7.4%.
Universal Health Services authorized a $1 billion increase to the stock repurchase program to $3.7 billion.
FY21 Outlook: Universal raised forecasted 2021 net revenues to $12.35B to $12.50 billion ($12.3B consensus) compared to the prior $12.10 billion - $12.40 billion.
It expects adjusted EPS of $11.46-$12.16 ($11 consensus), higher than the previous guidance of $10.05-$11.05.
UHS increased the expected adjusted EBITDA to $1.88B-$1.96B.
Price Action: UHS shares closed at $154.61 on Monday.