CHS shares surge after releasing preliminary financial results

Shares of Franklin, Tenn.-based Community Health Systems surged Jan. 15 after the company offered a preliminary look at its 2019 financial results and provided guidance for 2020.

CHS provided investors with preliminary, unaudited financial results for 2019 ahead of the company's presentation at the J.P. Morgan Healthcare Conference in San Francisco. In a filing with the Securities and Exchange Commission, the company said it expects adjusted EBITDA for 2019 to be "toward the middle portion" of guidance provided in October. At that time, CHS said it expected adjusted EBITDA for 2019 of between $1.6 billion and $1.65 billion.

CHS also offered preliminary guidance for this year. The company expects net operating revenues of between $12.4 billion and $12.8 billion in 2020 and adjusted EBITDA in the range of $1.65 billion to $1.8 billion.

The hospital chain's shares traded between $2.85 and $3.14 on Jan. 15 and were up more than 10 percent from the day prior at market close. 

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