Hospital operator Tenet Healthcare Corp. said Tuesday it lost money in the third quarter, but its adjusted profit increased and the company raised its annual guidance.
Tenet said it lost $3 million, or a penny per share. That compares with a profit of $104 million, or 22 cents per share, a year earlier. Revenue grew 5.7 percent, to $2.26 billion from $2.14 billion. Thomson Reuters says analysts expected a loss of 2 cents per share and $2.25 billion in revenue.
Tenet reported a one-time gain of $140 million a year ago after selling investments. Stripping out that gain and other items, the company said its adjusted pretax profit grew 50 percent, to $240 million from $160 million.
The company said adjusted patient admissions at continuing hospitals grew 2.7 percent, to 194,568, but total patient days decreased. Patients continued to choose outpatient procedures during the recession, as outpatient surgeries grew 4.4 percent and inpatient surgeries decreased 0.7 percent.
Inpatient revenue rose 4 percent, to $1.47 billion, and outpatient revenue increased 8 percent, to $709 million.
Tenet said it received more patients on charity care and government managed care than a year ago. Flu-related outpatient visits increased sharply, rising to 5,271 from 214. That represented 11 percent of the outpatient growth, according to the company.
For the full year, Tenet now expects an adjusted profit of $925 million to $975 million, up from $900 million to $950 million. That estimate leaves out income taxes, depreciation, and amortization.