The company reported a quarterly profit of $826 million, or $9.84 a share, a sharp increase from the $288 million, or $3.14 a share, recorded during the same period last year. When excluding one-time items, adjusted earnings reached $6.12 a share, easily outpacing the $4.26 expected by Wall Street. Operating revenue followed a similar trend, rising 6.8% to $5.63 billion, which topped the consensus estimate of $5.43 billion. A notable $413 million boost was also attributed to revenue from contract terminations.
In section Market Quotes
Tenet Healthcare Stock Surges Following Q2 Earnings Beat
Tenet Healthcare shares jumped 13% in after-hours trading Thursday, hitting $224.00, after the hospital operator smashed second-quarter profit expectations and aggressively raised its financial outlook for the remainder of the year, signaling a significant shift in the company's fiscal trajectory compared to previous analyst forecasts.
Bolstered by these results, Tenet updated its full-year guidance significantly. The company now projects adjusted earnings between $20.30 and $21.69 per share, up from its earlier forecast of $16.38 to $18.68. The revised revenue outlook now sits in a range of $21.9 billion to $22.5 billion, surpassing the $21.97 billion target previously modeled by FactSet analysts.
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