Tenet Healthcare Corporation (THC) reported third-quarter earnings of $4 million or breakeven per share compared to the Zacks Consensus Estimate of a loss of 2 cents. The company earned $120 million or 25 cents per share in the year-ago quarter.
Net operating revenues for the quarter increased 5.7% to $2.262 billion from $2.140 billion last year.
The company exited the quarter with cash and cash equivalents of $731 million, which reflected an increase of $224 million since Dec. 31, 2008. Capital expenditures for the quarter were $91 million.
Same-Hospital Data
Revenues increased 5.2 %to $2.24 billion on a same-hospital basis. Same-hospital data does not include Sierra Providence East Medical Center in El Paso, TX, which opened on May 21, 2008. Currently, there are 48 hospitals in same-hospital operations.
Total admissions in the reported quarter recorded a marginal increase of 0.1% as compared to the third quarter of 2008. Commercial managed care admissions decreased 4.5% compared to the year-ago quarter. Flu-related admissions were not a major force in the reported quarter, adding 339 admissions as compared to 17 flu related admissions in the third quarter of 2008.
Total same-hospital outpatient volume increased 4.8% in the third quarter of 2009 compared to the year-ago period. The company has now reported year-over-year growth in outpatient visits in six of the last seven quarters. Same-hospital bad debt ratio came in at 8.5% of net revenues compared to 7.6% in the year-ago period.
Tenet forecasts fiscal 2009 net income to lie between $66 million and $130 million.
Tenet Healthcare, an investor-owned health care services company, owns or operates general hospitals and related health care facilities serving urban and rural communities in many states. The company also holds investments in other health care companies. Tenet competes with players such as Universal Health Services Inc. (UHS), Lifepoint Hospitals Inc. (LPNT) and Mednax, Inc. (MD).
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