Hospital operator Tenet Healthcare Corp. on Tuesday reported a profit in the third quarter on $981 million in deferred tax benefits.
The company earned $932 million, or $1.68 per share, compared with a loss of $3 million, or a penny per share, during the same period a year prior. Revenue remained flat at $2.26 billion.
Excluding the tax benefit and a charge for the early extinguishment of debt, the company lost a penny per share. Analysts polled by Thomson Reuters expected profit of 4 cents per share on $2.33 billion in revenue.
The company operated 49 hospitals with 13,430 beds. Inpatient revenue fell 2.5 percent to $1.43 billion but outpatient revenue rose 3.5 percent to $734 million during the quarter. Inpatient revenue per admission grew about 1.1 percent. Meanwhile, bad debt expenses fell 3.1 percent.
For the full year, Tenet now expects a profit of 22 cents to 28 cents per share on an adjusted basis
Tenet shares fell 20 cents, or 4.4 percent, to $4.39. They fell as much as 8 percent earlier in the session.