BKD - Why Brookdale Senior Living Stock Is Skyrocketing Today
2023-04-11 11:48:31 ET
Share of Brookdale Senior Living (NYSE: BKD) were skyrocketing 29.5% as of 11:04 a.m. ET on Tuesday. The big gain came after the operator of senior living communities gave a surprisingly positive update to its first-quarter expectations based on preliminary, unaudited results.
Brookdale said that it now expects revenue per available room (RevPAR) will increase by around 12.9% in the first quarter of 2023. Its previous guidance was for RevPAR growth of between 11% and 12%.
The company projects that first-quarter adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) will be "meaningfully above the previously issued guidance range" of $70 million to $75 million. Brookdale stated that total revenue and other operating income should be higher than previous expectations as well. The better-than-expected RevPAR growth is the main driving factor behind this more-positive outlook.
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Why Brookdale Senior Living Stock Is Skyrocketing Today