Tenet Healthcare Corp. (THC: Quote) reported that its fourth-quarter net income attributable to common shareholders was $49 million, or $0.45 per share, compared to a loss of $76 million, or $0.70 per share, in the fourth quarter of 2011. The prior year quarter results included an after-tax loss of $74 million due to the early extinguishment of debt, or $0.68 per share.
Net operating revenues were $2.331 billion, an increase of $159 million, or 7.3 percent, compared to net operating revenues of $2.172 billion in the fourth quarter of 2011.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share on revenues of $2.34 billion for the quarter. Analysts' estimates typically exclude special items.
Total net patient revenue per adjusted admission was $11,866, an increase of 2.8 percent. This pricing increase primarily reflected improved terms in its contracts with commercial managed care payers, as well as higher Medicare reimbursement rates that became effective on October 1, partially offset by a softer payer mix.
For the first quarter of 2013, the company expects Adjusted EBITDA to be in the range of $250 million to $290 million. This first quarter Outlook excludes any contribution related to the managed care portion of the 30 month California Provider Fee program, which is now expected to contribute $53 million to Adjusted EBITDA in our quarter ending June 30, 2013.
The company confirmed its previously announced Outlook for 2013 Adjusted EBITDA of $1.325 billion to $1.425 billion. The $1.375 billion mid-point of this Outlook range is slightly above the current consensus estimate.
by RTT Staff Writer
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