Hospital operator Tenet Healthcare Corp. raised its full-year profit forecast on Monday, saying it expects reduced operating costs and a smaller decline in the number of paying admissions.
Tenet said it now expects a profit of 27 cents to 40 cents per share for the year. The company said it expects lower costs for labor, information technology, and malpractice expense. It also said paying admissions and commercial insurance trends have improved
Tenet says it expects an adjusted profit of 34 cents to 41 cents per share if discontinued operations and litigation and investigation costs are left out. That's up from a previous forecast of 24 cents to 32 cents per share.
Thomson Reuters says analysts expect a profit of 30 cents per share. Analyst estimates typically exclude one-time items.
Tenet expects $9.3 billion to $9.5 billion in revenue. Analysts expect revenue of $9.38 billion.
In aftermarket trading, Tenet shares rose 17 cents, or 3.4 percent, to $5.23. The stock lost a penny to $5.06 during the regular trading session.