HCA Reports Solid 4Q Results, Initiates Dividend, and Boosts Capital Spending
HCA Healthcare's fourth-quarter results and 2018 outlook were better than we expected. We anticipate a modest increase in our fair value estimate after updating our assumptions, and we are reiterating our no-moat rating for now. Though the company's roughly $8.2 billion in adjusted EBITDA for 2017 was flat compared with the prior year, performance enabled EBITDA to exceed our approximate $8 billion forecast. Also, our 2018 revenue and adjusted EBITDA forecasts both fall just below the low end of...HCA Healthcare is a holding company. Through its subsidiaries, partnerships and joint ventures, the company owns and operates hospitals and related health care entities. Most of the company's general, acute care hospitals provide medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services and emergency services. The general, acute care hospitals also provide outpatient services such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy. The company's psychiatric hospitals provide therapeutic programs including child, adolescent and adult psychiatric care, adolescent and adult alcohol and drug abuse treatment and counseling.
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