Movement Alert|Tenet Healthcare Rises 17.97% in Regular Trading, Q2 Earnings Massively Beat Expectations with Full-Year Guidance Raised

Market Focus07-24 21:31

On July 24, Tenet Healthcare surged 17.97% in regular trading, trading at $239.175/share, with turnover of $16.63 million. The rally was driven by the company's Q2 earnings report released before market open, which significantly exceeded Wall Street expectations.

Tenet reported Q2 adjusted EPS of $6.12, beating the consensus estimate of $4.23 by 44.68% and representing a 52.24% year-over-year increase from $4.02. Revenue rose to $5.628 billion from $5.27 billion a year earlier, surpassing the $5.43 billion estimate. The company simultaneously raised its full-year guidance, now expecting adjusted diluted EPS of $20.30 to $21.69 on revenue of $21.9 billion to $22.5 billion, well above the prior analyst consensus of $17.94 in EPS. The results also alleviated earlier market concerns over an estimated $250 million EBITDA headwind from the expiration of enhanced exchange premium tax credits. Following the report, Bank of America raised its price target on the stock to $265 from $230.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment