Tenet Healthcare Lifts FY24 Outlook, To Buy Back $1.5 Bln Shares; Stock Up In Pre-market

(RTTNews) - Tenet Healthcare Corp. (THC) on Wednesday issued third-quarter outlook, and raised fiscal 2024 forecast after reporting higher second-quarter results. Further, the company's Board of Directors has authorized a new $1.5 billion share repurchase program.

In pre-market activity on the NYSE, Tenet Healthcare shares were gaining around 5.3 percent to trade at $145.99.

For the third quarter, the company expects net income available to stockholders of $195 million to $240 million or $2.01 to $2.47 per share. Adjusted net income for the quarter is expected to be $210 million to $250 million or $2.16 to $2.58 per share.

The company further projects adjusted EBITDA of $900 million to $950 million or margin of 18.0 percent to 18.6 percent, with net operating revenues of $5 billion to $5.10 billion for the quarter.

Further, for fiscal 2024, the company now expects net income available to stockholders of $2.825 billion to $2.930 billion or $28.83 to $29.90 per share.

Adjusted net income is now expected to be $1.02 billion to $1.09 billion or $10.41 to $11.12 per share.

The company further projects adjusted EBITDA of $3.825 billion to $3.975 billion or margin of 18.6 percent to 18.9 percent, with net operating revenues of $20.60 billion to $21 billion for the year.

The company previously expected adjusted earnings per share in a range of $8.37 to $9.41, adjusted EBITDA in the range of $3.5 billion to $3.7 billion, and net operating revenues in the range of $20.0 billion to $20.4 billion.

In its second quarter, the company's earnings came in at $259 million, or $2.64 per share. This compares with $123 million, or $1.15 per share, in last year's second quarter.

Adjusted earnings were $226 million or $2.31 per share for the period. The company's revenue for the quarter rose 0.4 percent to $5.10 billion from $5.08 billion last year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.