By Dean Seal
Shares of Tenet Healthcare jumped after the company raised its profit guidance for the year and recorded higher earnings and revenue in the first quarter than analysts had been expecting.
The stock was up 10% at $136.23 in midday trading. Shares are now in positive territory year-to-date.
The operator of hospitals and surgery centers said before the bell that it now expects earnings of $11.37 to $12.92 a share this year, and adjusted earnings of $11.99 to $13.12 a share. That's up from a prior outlook of $10.95 to $12.47 a share, and $11.74 to $12.84 a share on an adjusted basis.
For the first three months of the year, Tenet recorded a profit of $406 million, or $4.27 a share. That's down from $2.15 billion, or $21.38 a share, in the year-earlier quarter that included a $2.5 billion pretax gain from divesting three hospitals in South Carolina and six hospitals in California.
Adjusted earnings, which strip out one-time items, of $4.36 a share handily topped analyst projections for $3.12 a share.
Operating revenues slid 2.7% to $5.22 billion, ahead of analyst projections for $5.14 billion, according to FactSet.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 29, 2025 12:43 ET (16:43 GMT)
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