Chemed Corporation (NYSE:CHE) Q4 2022 Earnings Conference Call February 24, 2023 10:00 AM ET
Company Participants
Holley Schmidt – Assistant Controller
Kevin McNamara – President and Chief Executive Officer
Dave Williams – Executive Vice President and Chief Financial Officer
Nick Westfall – President and Chief Executive Officer-VITAS Healthcare Corporation Subsidiary
Conference Call Participants
Joanna Gajuk – Bank of America
Ben Hendrix – RBC Capital Markets
Mike Wiederhorn – Oppenheimer
Holley Schmidt
Good morning. Our conference call this morning will review the financial results for the Fourth Quarter of 2022 ended December 31, 2022. Before we begin, let me remind you that the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 apply to this conference call.
During the course of this call, the company will make various remarks concerning management’s expectations, predictions, plans and prospects that constitute forward-looking statements. Actual results may differ materially from these projected by these forward-looking statements as a result of a variety of factors, including those identified in the company’s news release of February 23 and in various other filings with the SEC.
You are cautioned that any forward-looking statements reflect management’s current view only and that the company undertakes no obligation to revise or update such statements in the future.
In addition, management may also discuss non-GAAP operating performance results during today’s call, including earnings before interest, taxes, depreciation and amortization or EBITDA and adjusted EBITDA. A reconciliation of these non-GAAP results is provided in the company’s press release dated February 23, which is available on the company’s website at chemed.com.
I would now like to introduce our speakers for today. Kevin McNamara, President and Chief Executive Officer of Chemed Corporation; Dave Williams, Executive Vice President and Chief Financial Officer of Chemed; and Nick Westfall, President and Chief Executive Officer of Chemed’s VITAS Healthcare Corporation Subsidiary.
I will now turn the call over to Kevin McNamara.
Kevin McNamara
Thank you, Holley. Good morning. Welcome to Chemed Corporation’s fourth quarter 2022 conference call. I will begin with highlights for the quarter, and Dave and Nick will follow up with additional operating detail. I will then open the call up for questions.
Our fourth quarter 2022 operating results released last night exceeded key internal operating metric targets for both VITAS and Roto-Rooter. This resulted in Chemed reporting fourth quarter and full year 2022 adjusted diluted earnings per share of $5.39 and $19.75, respectively. This compares to our initial adjusted earnings per share guidance issued in February 2022 of $19.10 to $19.50.