Tenet Healthcare reports higher Q3 net income, provides guidance for 2012

Tenet Healthcare Corporation, an operator of acute care hospitals and surgery centers, has reported that net income attributable to the company's common shareholders for the third quarter ended September 30, 2012 was $40 million, or $0.37 per diluted share, compared to $6 million, or $0.05 per diluted share, for the same quarter ended September 30, 2011. For 2012, the company expects net income attributable to common shareholders to be in the range of $134 to $175 million.

Net operating revenues for the third quarter of 2012 were $2.22 billion, compared to $2.1 billion for the same quarter of 2011.

Net income attributable to the company's common shareholders for the nine months ended September 30, 2012 was $92 million, or $0.86 per diluted share, compared to $134 million, or $1.08 per diluted share, for the same period ended September 30, 2011.

Net operating revenues for the nine months ended September 30, 2012 were $6.79 billion, compared to $6.48 billion for the same period ended September 30, 2011.

For 2013, the company expects net income attributable to common shareholders to be in the range of $258 to $335 million.

"Strong revenue growth and disciplined cost control continue to drive our solid financial performance," said Trevor Fetter, president and CEO. "Adjusted EBITDA increased 40% to create the company's strongest third quarter in the last ten years. Net revenues grew by 5.8% reflecting strong volume increases and continued pricing strength. Our volume growth was one of the strongest in the investor-owned healthcare provider sector, and we recorded our eighth consecutive quarter of positive growth in adjusted admissions. Volume growth was led by a 6.3% increase in outpatient surgeries. Cost control was excellent. Conifer Health Solutions, Tenet's services business, reported another solid quarter contributing $24 million to Adjusted EBITDA."