Tenet Healthcare Corp. (THC) reported first-quarter net loss attributable to common shareholders of $88 million, or $0.85 per share, as against a $58 million, or $0.53 per share, profit a year ago. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude one-time items.
On the other hand, net operating revenues went up 3.7% to $2.39 billion, from the prior-year figure of $2.30 billion. Analysts estimated revenues of $2.47 billion for the quarter. The increase in net operating revenues was 7.5 percent, excluding the Rural Floor settlement from the first quarter of 2012. The company reported adjusted EBITDA of $274 million for the latest quarter.
For the second quarter of 2013, the outlook range for adjusted EBITDA is $325 million to $375 million, including expected contributions to EBITDA of $54 million on the anticipated approval of the managed care portion of the 30-month California Provider Fee program and $31 million from the recognition of HIT incentives.
Looking ahead, the company is confirming the $1.325 billion - $1.425 billion outlook range for 2013 adjusted EBITDA. Full-year net operating revenues are estimated to lie between $9.8 billion and $10.1 billion.
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