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- Healthcare Services Group, Inc. HCSG reported first-quarter FY22 revenue growth of 4.7% year-over-year to $426.8 million, beating the consensus of $424.77 million.
- Segment revenue: Housekeeping & Laundry $201.7 million and Dining & Nutrition $225.1 million.
- Operating profit declined by 42.8% Y/Y to $17.81 million, and the margin contracted by 346 bps to 4.2%.
- EPS was $0.15, above the consensus of $0.06.
- Housekeeping & laundry and dining & nutrition segment margins were 10.1% and 4.2%, respectively.
- Cash outflow from operations for the quarter was $30.2 million.
- Dividend: HCSG declared a quarterly cash dividend of $0.2125 per common share, payable on June 24, 2022, to shareholders of record on May 20, 2022.
- "We remain actively engaged with our customers to modify our service agreements to adjust for the extraordinary inflation experienced over the past year, as well as account for future inflation on a real-time basis. We expect these service agreement modifications to be completed by the end of Q2, with a goal of exiting the year with cost of services in line with our historical target of 86%," commented CEO Ted Wahl.
- Price Action: HCSG shares are trading higher by 3.55% at $17.19 during the pre-market session on Wednesday.
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