HCA Holdings Inc. HCA reported first-quarter 2016 adjusted earnings of $1.71 per share, which beat the Zacks Consensus Estimate by 22 cents. Further, earnings surged 26.7% on a year-over-year basis. HCA Holdings Inc. - Earnings Surprise | FindTheBest The upside was driven by a 6% increase in revenues to almost $10.26 billion which also surpassed the Zacks Consensus Estimate of $10.17 billion.Quarter DetailsSame facility equivalent admissions increased 3.1% and same facility admissions inched up 1.6% in the quarter.Same facility Medicare admissions and equivalent admissions increased 0.8% and 2.1%, respectively. This includes both traditional and managed Medicare. Managed Medicare admissions increased 3.1% on a same facility basis, and now represent 33% of HCA Holdings’ total Medicare admissions.Same facility Medicaid admissions and equivalent admissions increased 1.4% and 4.3%, respectively, in the quarter.Same facility self-pay and charity admissions increased 10.6% in the quarter, while equivalent admissions rose 9.4%. These represent 6.9% of HCA Holdings’ total admissions compared to 6.3% reported in the year-ago quarter.Managed care and other, which includes exchange admissions, increased 1.5%, and equivalent admissions increased 2.7% on a same facility basis in the quarter. Same facility emergency room (ER) visits increased 6.9%. Same facility self-pay and charity ER visits represent 18.6% of the company’s total ER visits in the quarter.Inpatient surgeries increased 1.4% while outpatient surgeries increased 4.4% in the first quarter of 2016, on a same facility basis.Same facility revenue per equivalent admission increased 2.2%. Same facility managed care and other revenue per equivalent admission grew 5.9% in the quarter.Same facility charity care and uninsured discounts increased $618 million in the quarter. Same facility charity care discounts totaled $951 million, an increase of $63 million from the year-ago quarter, while same facility uninsured discounts grossed $3.08 billion, an increase of $555 million on a year-over-year basis.Behavioral health admissions grew 2.7% while rehab admissions inched up 2.8%. Deliveries were flat on a year-over-year basis while managed deliveries were up 4.4%. Neonatal admissions grew 4.7% in the quarter.Overall, average length of stay increased 0.5%, which was driven mainly by the growth in acuity or case mix index.Cardiology procedure volumes grew approximately 5%, trauma volumes rose 27%, observation visits were up 13%, and urgent care visits grew 22%. HCA Holdings had 68 urgent care centers at the end of Mar 2016, up from 50 last year.As of Mar 31, 2016, HCA Holdings operated 168 hospitals and 116 freestanding surgery centers.Operating DetailsSame facility operating expense per equivalent admission increased 2.8% from the year-ago quarter. Salaries per equivalent admission also increased 2.8% in the quarter on a same facility basis. Productivity, as measured by same facility man-hours per adjusted admission, improved 0.5%, and same facility wage rates increased 2.5% in the quarter.Adjusted EBITDA increased 2.1% to almost $2 billion.Salaries and benefits, supplies and other operating expenses totaled $8.27 billion, or 80.6% of revenues, as compared with $7.75 billion, or 80.1% of revenues, reported in the year-ago quarter.Share Buyback programHCA Holdings repurchased 8.921 million shares of its common stock for $621 million during the quarter. As of Mar 31, 2016, the company had approximately $1.983 billion remaining under the existing $3 billion authorization.GuidanceFor full-year 2016, HCA Holdings reiterated its guidance for revenues and EBITDA. Revenues are expected in the range of $41.5 billion to $42.5 billion, while EBITDA is forecasted in the range of $8.15 billion to $8.45 billion.HCA Holdings plans to invest $2.7 billion to expand its service capabilities and overall capacity. In 2016, approximately 350 new inpatient beds and 100 new ER beds will come online, with another 550 inpatient beds and 200 ER beds scheduled for 2017. The company forecasts strong growth from its investments on trauma, cardiology and rehab services.Adjusted earnings are projected in the range of $6.20 to $6.65 per share, up from the previous range of $6.00 to $6.45.Capital expenditure is forecasted at approximately $2.7 billion.Zacks Rank & Key PicksHCA Holdings carries a Zacks Rank #2 (Buy).Other favorably ranked stocks include Baxter International BAX, Edwards Lifesciences EW and IRadimed Corporation IRMD. All the three stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report IRADIMED CORP (IRMD): Free Stock Analysis Report BAXTER INTL (BAX): Free Stock Analysis Report EDWARDS LIFESCI (EW): Free Stock Analysis Report HCA HOLDINGS (HCA): Free Stock Analysis Report To read this article on Zacks.com click here.