Business
The Ensign Group Reports Third Quarter 2021 Results; Increases 2021 Earnings Guidance and Announces formation of a Captive REIT
Conference Call and Webcast scheduled for tomorrow, October 28, 2021 at 10:00 am PT SAN JUAN CAPISTRANO, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- The Ensign
About this update from The Ensign Group, Inc.
[{"type":"text","content":"Conference Call and Webcast scheduled for tomorrow, October 28, 2021 at 10:00 am PT\nSAN JUAN CAPISTRANO, Calif., Oct. 27, 2021 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of companies, which provide post-acute healthcare services and invest in the post-acute care real estate and related businesses, primarily in skilled nursing and senior living operations, announced operating results for the third quarter of 2021, reporting GAAP diluted earnings per share of $0.83 and a record adjusted earnings per share of $0.91(1) for the quarter ended September 30, 2021. Highlights Include: GAAP diluted earnings per share for the quarter was $0.83, representing an increase of 7.8%, and adjusted diluted earnings per share was $0.91, an increase of 16.7%(1), both over the prior year quarter.Consolidated GAAP revenues and adjusted revenues(1) for the quarter were $668.5 million, both increasing by approximately 11.6% over the prior year quarter.Same store and transitioning managed care census increased by 25.0% and 30.4%, respectively, and managed care revenue improved by 26.4% and 28.3%, respectively, both over the prior year quarter.Same store and transitioning occupancy increased by 280 bps and 440 bps, respectively, over the prior year quarter and increased by 50 bps and 200 bps, respectively, sequentially over the second quarter. Same store and transitioning skilled days increased by 12.7% over the prior year quarter and 4.8% sequentially over the second quarter. Total skilled services(2) segment income increased by 11.4% compared to prior year quarter to $94.4 million.Real estate(2) segment income was $8.9 million for the quarter, an increase of 5.1% over the prior year quarter and FFO was $13.8 million for the quarter, an increase of 6.5% over the prior year quarter. GAAP net income was $47.3 million for the quarter, an increase of 9.8% over the prior year quarter. Adjusted net income for the quarter $51.8 million, an increase of 18.6%(1) over the prior year quarter. (1) See \"Reconciliation of GAAP to Non-GAAP Financial Information\". (2) Our Skilled Services and Real Estate Segments are defined and outlined in Note 7 on Form 10-Q. Operating Results “We are pleased to announce another record quarter in spite of the continued challenges related to the pandemic and the disruption i...