AP NEWS

Tenet: 2Q Earnings Snapshot

August 6, 2018

DALLAS (AP) _ Tenet Healthcare Corp. (THC) on Monday reported second-quarter net income of $26 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Dallas-based company said it had net income of 25 cents. Earnings, adjusted for one-time gains and costs, were 49 cents per share.

The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The hospital operator posted revenue of $4.51 billion in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $4.58 billion.

For the current quarter ending in October, Tenet expects its per-share earnings to range from 10 cents to 24 cents.

The company said it expects revenue in the range of $4.3 billion to $4.5 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $4.38 billion.

Tenet expects full-year earnings in the range of $1.54 to $1.88 per share, with revenue ranging from $17.9 billion to $18.3 billion.

Tenet shares have more than doubled since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 7 percent. In the final minutes of trading on Monday, shares hit $38.46, more than doubling in the last 12 months.

_____

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

AP RADIO
Update hourly