Tenet Healthcare Raises FY24 Adj. EBITDA Guidance - Update

(RTTNews) - (Adds Outlook)

Tenet Healthcare Corporation (THC) said the company now projects fiscal 2024 adjusted EBITDA in a range of $3.9 billion to $4.0 billion, an increase of $50 million from prior guidance. Adjusted earnings per share is estimated in a range of $11.12 to $11.73. Net operating revenues are projected in a range of $20.6 billion to $20.8 billion. In July, the company projected: adjusted earnings per share in a range of $10.41 to $11.12; and net operating revenues in a range of $20.60 billion to $21.00 billion.

The company expects fourth quarter adjusted EBITDA in a range of $953 million to $1.05 billion. Net operating revenues are projected in a range of $5.007 to $5.207 billion. Adjusted earnings per share is estimated to be in a range of $2.69 to $3.31.

Q3 Results:

Earnings came in at $472 million, or $4.89 per share. This compares with $101 million, or $0.94 per share, in last year's third quarter. Excluding items, adjusted earnings per share was $2.93 compared to $1.44. Adjusted EBITDA was $978 million, 15% above a year ago, and well above the upper end of the company's third quarter outlook range. The company's revenue for the quarter rose to $5.12 billion from $5.07 billion last year.

Shares of Tenet Healthcare are up 7% in pre-market trade on Tuesday.

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