Already a Bloomberg.com user?
Sign in with the same account.
(Updates with analyst comment in fourth paragraph.)
Nov. 1 (Bloomberg) -- Tenet Healthcare Corp., the third- largest U.S. hospital operator, reported quarterly earnings that beat analyst estimates as increasing numbers of patients received medical treatment.
Third-quarter profit was 4 cents a share, the Dallas-based company said in a statement today. That was more than the break- even estimate of 19 analysts surveyed by Bloomberg. Revenue climbed 3.5 percent to $2.34 billion.
Cost controls and price increases in new contracts with managed-care providers also boosted results, Tenet said. The hospital operator reaffirmed its full-year forecast for profit near the lower end of a $1.175 billion to $1.275 billion range.
“A 2.3 percent increase in adjusted admissions along with a 3.2 percent increase in surgeries drove nice strong top-line growth,” said Art Henderson, an analyst at Jefferies & Co in Nashville, Tennessee.
Tenet rose 1.9 percent to $4.82 at 9:57 a.m. New York time.
Third-quarter net income plunged to 6 million, or 2 cents a share, from $932 million, or $1.68, a year earlier, the company said. The year-ago results included a $981 million, or $1.75 a share, tax benefit.
--Editors: Bruce Rule, Reg Gale.
To contact the reporter on this story: Pat Wechsler in New York at firstname.lastname@example.org.
To contact the editor responsible for this story: Reg Gale at email@example.com.