Tenet Healthcare Corp (NYSE: THC) is having an exciting day on the markets Tuesday, after the company reported stronger-than-expected earnings for its fourth quarter.
The Dallas-based Tenet reported Tuesday morning a net loss from continuing operations attributable to Tenet shareholders of $230 million in the fourth quarter of 2017 due to the items mentioned above, compared to a $79 million net loss from continuing operations in the fourth quarter of 2016.
Adjusted EBITDA was $840 million in the fourth quarter of 2017 compared to $650 million in the fourth quarter of 2016.
According to CEO Ronald Rittenmeyer, "Our results for the fourth quarter were strong in each of our business segments.
"Volume growth returned in our hospital and Ambulatory segments, cost controls were tight, and our financial results at USPI and Conifer were very strong. Our cost control program is off to a great start and, when combined with improved financial performance in the fourth quarter, we are raising our Outlook for Adjusted EBITDA and Adjusted EPS for 2018."
Tenet’s same-hospital exchange admissions were 4,857 in the fourth quarter of 2017, up 0.2% from the fourth quarter of 2016. Same-hospital exchange outpatient visits were 51,451 in the fourth quarter of 2017, up 15.2% from the fourth quarter of 2016.
Tenet is a diversified health-care services company with 120,000 employees united "around a common mission", according to Tuesday’s press release, "to help people live happier, healthier lives."
Shares in the company climbed $2.12, or 11.1%, in price by midday Tuesday to $21.19, within a 52-week range of $12.25 to $22.72.
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