Why AdaptHealth Stock Got Thrashed on Tuesday
Home healthcare services specialist AdaptHealth (NASDAQ: AHCO) was hardly looking special on Tuesday. Following news that its latest set of quarterly results didn't meet analyst expectations, the market took a dim view of the company and collectively traded out of it. This left it with a nearly 10% loss in price on the day, compared to the 1.2% increase of the bellwether S&P 500 index.
AdaptHealth published its third-quarter results early that morning, and probably wishes it had taken a sick day for the remainder. Revenue inched up marginally on a year-over-year basis to just under $806 million, while net income per GAAP standards flipped dramatically -- it landed at nearly $23 million ($0.15 per share), against the more than $454 million loss in the same quarter one year ago.
That bottom-line shift was heavy, yet it wasn't sufficient enough to hit the consensus analyst estimate of $0.19 per share. AdaptHealth missed on revenue, too, as those pundits following its stock were collectively modeling slightly over $809 million.
Source Fool.com
