Tenet posts net loss, but boosts outlook

By @ibtimes on

Tenet Healthcare Inc , the No. 3 U.S. hospital chain, posted a quarterly net loss on Tuesday as it restructured debt to reduce interest expense, but raised its earnings forecast for 2012.

Tenet posted a fourth-quarter net loss of $76 million, or 17 cents per share, hurt by costs for the early debt restructuring. That compared with net income of $74 million, or 14 cents per share, a year ago.

Fourth-quarter income excluding debt-related costs was 10 cents per share, up from 8 cents a share in the same period a year ago, but below the average analyst estimate of 14 cents per share according to Thomson Reuters I/B/E/S.

Fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, increased 4.6 percent to $294 million.

Net operating revenue in the quarter rose 5.4 percent to $2.23 billion.

Admissions increased 0.3 percent in the quarter and surgeries rose 3.2 percent.

Dallas-based Tenet said it raised its forecast for 2012 EBITDA to a range of $1.225 billion to $1.350 billion as it anticipates receiving favorable settlements from some insurers.

(Reporting By Susan Kelly; Editing by Maureen Bavdek)

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