Brookdale Cuts Full-Year EBITDA Outlook to $495-502M as Q3 Revenue Misses
BKD is trading near its 52-week low of $8.02 (14% above the low).
Summary
Brookdale cut full-year Adjusted EBITDA guidance to $495-502 million from $502-516 million and lowered revenue-per-unit growth to 7.4%-7.9% from 8%-9%. Third-quarter revenue fell to $712.1 million from $813.2 million a year earlier and missed the $722.7 million FactSet consensus. The loss narrowed to $13.9 million, or 6 cents a share, from $144.7 million a year earlier, but still came in wider than the 3-cent loss analysts expected. CEO Nick Stengle blamed a third-quarter occupancy carryover, extra marketing spend and expense from the fire at the Clinton, Miss. community. Shares dropped 13% to $9.36 and are down 13% year to date, a sharp reversal after the October Welltower acquisitions and September occupancy gains that had supported the stock.
At the time of this announcement, BKD was trading at $9.15 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $8.02 to $17.09. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.