Benzinga | May 6, 2021 08:57AM EDT

U.S. Physical Therapy Sees FY21 EPS $2.68-$2.78 vs $2.56 Est.

Management Revises 2021 Earnings Guidance

Management currently expects the Company's Operating Results for 2021 to be in the range of $34.5 million to $35.8 million, or $2.68 to $2.78 per share. The increase in the guidance range is attributable to better than expected performance in the 2021 First Quarter, the impact of the acquisition closed in the 2021 First Quarter, and the extension of the 2% sequestration relief applied to all Medicare payments through December 31, 2021, which was signed into law on April 14, 2021; such relief was previously scheduled to end on March 31, 2021.

This earnings range is based on an estimated annual effective tax rate of approximately 27.0%. Please note that the earnings guidance represents projected Operating Results from existing operations and excludes future acquisitions. The 2021 earnings guidance range excludes expenses associated with the previously-announced retirement and replacement of one of the Company's co-Chief Operating Officers. The annual guidance figures will not be updated unless there is a material development that causes management to believe that Operating Results will be significantly outside the given range.