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Why Surgery Partners Inc. Is Plunging Today

TheMotleyFool

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Why Surgery Partners Inc. Is Plunging Today

In response to the company preannouncing disappointing earnings, shares of Surgery Partners (NASDAQ: SGRY), a business focused on surgical services, fell 15% as of 3:30 p.m. EDT on Wednesday.

Here's a review of the preannounced numbers:

Management blamed the poor results on Hurricanes Harvey and Irma. In total, management estimates that the two hurricanes will cost the company $7 million to $9 million in lost revenue and $4 million to $6 million in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). The majority of these expenses will take place in the third quarter.

Source: Fool.com