While shares of Cross Country Healthcare dropped Nov. 3 to a morning trading low of $11.22 company Company spokesmen are blaming a "weakening economy" as the culprit. President and Chief Executive Joseph A. Boshart, called it's forth-quarter report "disappointing". The expected earnings report coming after a lower than expected third-quarter report as well.
These lower earnings have yet to translate into a declining Job market for Travel Nursing, but one can not wonder if the profit losses of one of the larger travel nursing companies will not reverberate through the Travel nurse employment ranks.
So far. the healthcare industry has shown an amazing resiliency to joining the rest of the country in achieving it's 14 year high 6.5% unemployment figures. The question we are all asking now is how resilient our profession really is?
Cross Country, for the year projects it's profit to be between 74 to 76 cents per share on a revenue $723 million to $727 million. and fourth quarter profits to contribute $195 to $199 Million of that amount. Some analyst expect the loss to be closer to 82 cents a share on a revenue of $739 million. Cross Country Stocks have fluctuated this year from a hight of $17.34 to a low of $19.83 over the last year.
Boshart asserted that Cross Country "very sound financial footing with a prudent level of debt and cash flow well in excess of what is required to operate our business on a day-to-day basis" in his statement regarding the expected decline in earnings.
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Cross Country Healthcare's 4th-quarter, full-year profit outlook falls short of forecasts
