MECHANICSBURG, Pa., May 2, 2024 /PRNewswire/ -- Select Medical Holdings Corporation ("Select Medical") released its financial results for the first quarter ended March 31, 2024. The company reported significant growth in various key financial metrics. According to the announcement, revenue for the first quarter increased by 7.4%, reaching $1,788.8 million, marking a positive trend compared to the same quarter in the previous year.
Income from operations also saw a substantial increase of 28.1%, totaling $194.0 million for the first quarter of 2024. Net income showed a notable surge, rising by 37.4% to $117.2 million during the same period. Adjusted EBITDA, another crucial measure, demonstrated a strong performance with a 22.4% increase to $261.9 million for the first quarter of 2024.
Earnings per common share and adjusted earnings per common share both displayed significant growth, with increases of 33.9% and 37.5% respectively, for the first quarter ended March 31, 2024.
In addition to the financial results, Select Medical's Board of Directors declared a cash dividend of $0.125 per share, payable on or about May 30, 2024, to stockholders of record as of May 16, 2024. The company also provided insights into its stock repurchase program, highlighting that they have repurchased over 48 million shares at a cost of approximately $600.3 million since the inception of the program.
Looking ahead, Select Medical reaffirmed its 2024 business outlook for revenue and adjusted its projections for Adjusted EBITDA and earnings per share. The company expects revenue to range between $6.9 billion and $7.1 billion, with Adjusted EBITDA anticipated to be between $845 million and $885 million. Fully diluted earnings per share are projected to be in the range of $1.95 to $2.19, and adjusted earnings per share are expected to be between $1.96 and $2.20.
Investors and interested parties can access further details regarding Select Medical's financial performance and outlook through a conference call scheduled for May 3, 2024, at 9:00 am ET. The call will be live webcast on Select Medical Holdings Corporation's website.
It is important to note that Select Medical emphasizes that the declaration and payment of future dividends are subject to various factors, and the company retains discretion in making such decisions based on financial conditions and other relevant considerations.
For more information about Select Medical Holdings Corporation, interested individuals can visit the company's official website at www.selectmedical.com.