Hospital operator Tenet Healthcare (NYSE:THC) reported third-quarter results yesterday after the markets closed, showing that it posted net operating revenues of $2.62 billion, an 8% increase from the same period in the previous year, and ahead of the $2.26 billion Capital IQ consensus estimate.
While adjusted net income came in at $46 million, or $0.45 per share, a 31% increase from $35 million, or $0.33 per share, in the same period in 2012, right in line with the CapIQ estimates of $0.45 per share.
Tenet says it benefited from pricing increases as a result of improved terms with its contracts with commercial managed care payers as well as incremental Medicaid revenues from the California Provider Fee program and the Texas uncompensated care 1115 waiver program.
The hospital operator said it expects adjusted EBITDA for the fourth quarter in a range of $400 million to $450 million, but analysts anticipate the company will post earnings of $0.76 per share in the fourth quarter on revenues of $3.12 billion.
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