Why Community Health Shares Are Crashing 15.6% Today

Only days after competitor HCA reported disappointing second-quarter results, Community Health Systems (NYSE: CYH) provided a peek at its own second-quarter performance. Unfortunately, the preliminary numbers include sliding sales and soaring losses that are pushing shares 15% lower at noon EDT on Thursday.

The major hospital operator reported preliminary net operating revenue of $4.14 billion, down 9.7% from the same quarter last year. Management expects that the downturn, plus one-time costs due to selling hospitals and paying off debt early, will result in a net loss of $137 million, or $1.22 per share, in the period. If you back out those one-time costs, you still end up with an adjusted net loss of $0.25 per share.

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Source: Fool.com