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UPDATE 1-Tenet Healthcare posts net loss

Published: 03 Nov 2009 17:36:31 PST

* Tenet Q3 net loss of 1 cent per share

* Raises full-year adj EBITDA view, cuts outlook for net

CHICAGO, Nov 3 - Hospital operator Tenet Healthcare Corp reported on Tuesday a small net loss in the third quarter, saying rising unemployment in the weak economy has had less of an impact than was expected.

Tenet, the third-largest hospital chain behind privately held HCA Inc and Community Health Systems Inc, reported a net loss of $3 million, or 1 cent a share. That compared with net income of $104 million, or 22 cents a share, a year earlier, when pretax gains on sales of investments boosted results.

Dallas-based Tenet said its adjusted earnings before interest, tax, depreciation and amortization rose 50 percent in the quarter to $240 million.

Tenet raised its forecast for full-year adjusted EBITDA by $25 million to a new range of $925 million to $975 million. It reduced its forecast for net income to a range of $66 million to $130 million from the prior range of $76 million to $141 million.


Source: Reuters

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