AP NEWS

Tenet: 3Q Earnings Snapshot

November 4, 2019

DALLAS (AP) _ Tenet Healthcare Corp. (THC) on Monday reported a loss of $232 million in its third quarter.

On a per-share basis, the Dallas-based company said it had a loss of $2.24. Earnings, adjusted for one-time gains and costs, were 58 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The hospital operator posted revenue of $4.57 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $4.46 billion.

For the current quarter ending in December, Tenet expects its per-share earnings to range from 57 cents to $1.23. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.03.

The company said it expects revenue in the range of $4.68 billion to $4.88 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $4.69 billion.

Tenet expects full-year earnings in the range of $2.25 to $2.91 per share, with revenue ranging from $18.35 billion to $18.55 billion.

Tenet shares have climbed 58% since the beginning of the year, while the Standard & Poor’s 500 index has risen 23%. In the final minutes of trading on Monday, shares hit $27.15, decreasing slightly in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on THC at https://www.zacks.com/ap/THC