NHC Reports 2024 Year End Earnings

NHC

National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and grant income for the year ended December 31, 2024 totaled $1,307,382,000 compared to $1,141,544,000 for the year ended December 31, 2023, an increase of 14.5%. The increase in net operating revenues for the 2024 year compared to the 2023 year was due to a 9.4% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Manor (“White Oak”). The White Oak operations consist of 22 healthcare operations, which includes 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.

For the year ended December 31, 2024, the reported GAAP net income attributable to NHC was $101,927,000 compared to $66,798,000 for the 2023 year. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the year ended December 31, 2024 was $76,862,000 compared to $54,934,000 for the 2023 year (*), an increase of 39.9%. GAAP diluted earnings per share were $6.53 and $4.34 for the years ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $4.93 and $3.55 for the years ended December 31, 2024 and 2023, respectively (*).

For the quarter ended December 31, 2024, the reported GAAP net income attributable to NHC was $6,081,000 compared to $28,406,000 for the same period in 2023. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended December 31, 2024 was $25,954,000 compared to $15,955,000 for the same period in 2023, an increase of 62.7% (*). The GAAP diluted earnings per share were $0.39 and $1.83 for the quarters ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $1.66 and $1.03 for the quarters ended December 31, 2024 and 2023, respectively (*).

(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.

About NHC

NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,341 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com.

Non-GAAP Financial Presentation

The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC’s best judgment as of the date of this release.

2024

2023

2024

2023

$

357,344

$

282,997

$

1,251,759

$

1,087,614

12,006

17,917

46,178

53,930

-

-

9,445

-

369,350

300,914

1,307,382

1,141,544

234,321

186,562

810,930

712,344

83,298

70,970

321,390

288,183

11,378

11,438

43,182

41,525

11,442

11,768

41,985

42,034

2,347

56

4,135

324

342,786

280,794

1,221,622

1,084,410

26,564

20,120

85,760

57,134

4,825

4,544

19,690

16,660

(25,332

)

12,001

30,958

14,944

6,057

36,665

136,408

88,738

(28

)

(8,700

)

(34,322

)

(23,450

)

6,029

27,965

102,086

65,288

52

441

(159

)

1,510

$

6,081

$

28,406

$

101,927

$

66,798

$

0.39

$

1.86

$

6.62

$

4.36

$

0.39

$

1.83

$

6.53

$

4.34

15,420,658

15,306,253

15,393,782

15,310,142

15,665,025

15,486,573

15,598,528

15,377,343

$

0.61

$

0.59

$

2.42

$

2.34

2024

2023

$

216,185

$

223,620

163,795

167,971

424,408

406,235

684,289

493,329

1,524,429

1,310,796

227,297

214,476

137,000

-

980,161

908,752

2024

2023

2024

2023

$

607.67

$

579.84

$

586.76

$

559.07

490.41

478.51

468.23

464.89

279.02

268.58

275.78

253.95

321.12

290.85

316.80

282.14

$

350.72

$

337.57

(1)

$

346.46

(1)

$

324.53

(1)

84,809

79,025

320,524

318,253

76,996

62,031

276,019

242,023

374,755

288,538

1,281,020

1,140,612

191,926

170,916

677,449

663,195

728,486

600,510

(1)

2,555,012

(1)

2,364,083

(1)

2024

2023

2024

2023

$

6,081

$

28,406

$

101,927

$

66,798

25,332

(12,001

)

(30,958

)

(14,944

)

-

(6,230

)

-

(6,230

)

-

-

(1,024

)

-

(10

)

742

130

2,359

1,098

663

4,160

2,782

435

-

3,266

-

-

-

(9,445

)

-

(6,982

)

4,375

8,806

4,169

$

25,954

$

15,955

$

76,862

$

54,934

$

0.39

$

1.83

$

6.53

$

4.34

1.20

(0.57

)

(1.47

)

(0.72

)

-

(0.30

)

-

(0.30

)

-

-

(0.05

)

-

-

0.04

0.01

0.10

0.05

0.03

0.20

0.13

0.02

-

0.16

-

-

-

(0.45

)

-

$

1.66

$

1.03

$

4.93

$

3.55

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