Tenet Healthcare Corporation (THC), a healthcare services provider, on Tuesday announced that its Board has authorized a $1.5 billion increase to its current share repurchase program. With this new, THC has $1.781 billion remaining under its repurchase authorization as of July 22.
In addition, the company has revised up its annual outlook amidst its strong second-quarter earnings performance.
For fiscal 2025, the company now expects net profit of $1.279 billion, or $14.05 per share, to $1.379 billion, or $15.15 per share, higher than the earlier expectation of $1.057 billion, or $11.37 per share, to $1.202 billion, or $12.92 per share.
Excluding items, earnings are now projected to be in the range of $1.415 billion, or $15.55 per share, to $1.475 billion, or $16.21 per share, against earlier guidance of $1.115 billion, or $11.99 per share, to $1.220 billion, or $13.12 per share.
The health care firm now anticipates revenue of $20.950 billion to $21.250 billion, compared with the previous guidance of $20.600 billion to $21 billion.
On average, 21 analysts polled forecast the company to register annual earnings of $12.83 per share on revenue of $20.92 billion. Analysts' estimates typically exclude special items.
For the second quarter, the company recorded a net income of $288 million, or $3.14 per share, higher than $259 million, or $2.64 per share, in the same period last year.
THC was up by 2.38% at $179.01 in the pre-market trade on the New York Stock Exchange.
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