Tenet Healthcare Corp. (NYSE: THC) reported Tuesday that the hospital operator posted a profit in its fiscal fourth quarter, but missed analyst expectations, according to Associated Press.
The company said it earned $21 million, or 4 cents per share, compared with a loss of $33 million, or 7 cents per share, in the final quarter of 2008. Revenue rose 4 percent to $2.26 billion. The latest quarter includes items that boosted income by $18 million, or 4 cents per share.
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Tenet said it earned $218 million if one-time items like interest, taxes, depreciation, and amortization are excluded.
Analysts surveyed by Thomson Reuters forecast income of 1 cent per share and revenue of $2.29 billion.
Tenet said commercial managed care admissions dropped 5 percent to 32,617 while governmental managed care admissions rose 4 percent to 29,347. Adjusted patient admissions rose slightly to 190,619, but total patient days fell 1 percent to 622,475.
Total outpatient visits rose more than 3 percent to 955,868.
Bad debt rose 7 percent to $176 million, which was partially offset by a decline in uninsured patient volume and better collection rates from managed care payers.
For the full year, Tenet earned $181 million, or 37 cents per share, on $9.01 billion in revenue. For 2010, Tenet expects income of $70 million to $94 million, or 14 cents to 19 cents per share. Analysts expect 23 cents per share, on average.
The company's shares fell 54 cents, or 9.7 percent, to $5.04 in Tuesday’s trading.
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