(RTTNews) - Hospital chain Tenet Healthcare Corp. (THC: News ) on Tuesday reported a net loss for the third quarter, hit by several unfavorable items. This compares to a profit last year that benefited from a gain on sales of investments. Revenue increased over 5% in the quarter, while total paying admissions edged down 0.1%. The company raised its full year adjusted EBITDA guidance, but reduced its net income forecast.

The Dallas, Texas-based company reported a third-quarter net loss attributable to shareholders of $3 million, compared to a profit of $104 million last year. Loss per share attributable to shareholders was $0.01, compared to a profit of $0.22 per share a year ago. For the second quarter, the company reported a net loss attributable to shareholders of $15 million or $0.03 per share.

Income from continuing operations for the third quarter plunged to $4 million or breakeven per share from $120 million or $0.25 per share reported last year.

On average, 19 analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.

The latest quarterly results wre hit by several items, including loss from discontinued operations, loss from early extinguishment of debt as well as litigation and investigation costs, with a net unfavorable impact of $18 million after-tax, or $0.04 per share. Results of the previous year included a gain of $140 million on sales of investments.

Adjusted EBITDA for the quarter increased to $240 million from $160 million for the third quarter of 2008.
Net operating revenues increased to $2.262 billion from $2.140 billion generated last year. Analysts expected revenue of $2.25 billion for the quarter. Second-quarter net operating revenues were $2.23 billion.

Operating income advanced to $133 million from last year's $70 million.

On a same-hospital continuing operations basis, Governmental Managed Care Admissions rose 9.1% and Charity Care Admissions increased 21.1%. Commercial Managed Care Admissions dropped 4.5% from the third quarter of 2008. Total admissions edged down 0.1%. Total surgery growth was 2.2%.

Net Inpatient Revenue per Admission rose 3.7%, while Net Outpatient Revenue per Visit grew 2.7%. Same-hospital bad debt ratio was 8.5% of net revenues, up 90 basis points from 7.6% in the third quarter of 2008. The company currently has 48 hospitals in same-hospital continuing operations.

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