THC Shares Surge to 20+ Year High
Shares of $Tenet Healthcare(THC)$ , the operator of hospitals and surgery centers, surged to a more than 20-year high after the company reported stronger-than-expected earnings and raised its outlook due to an increase in patients who can afford to pay more.
The company reported adjusted earnings of $2.31 per share and net operating income rose less than 1% to $5.1 billion in the second quarter, both of which beat expectations.
EBITDA rose $102 million to $945 million. Tenet is now raising its full-year operating income guidance range to between $20.6 billion and $21 billion, compared with a previous range of $20 billion to $20.4 billion.
Tenet shares rose nearly 5% to their highest level since 2002 and are up more than 90% for the year.
In addition to Tenet, other hospital providers reporting strong earnings numbers this week include HCA Healthcare. The company also beat profit and sales forecasts and raised its outlook, citing an increase in the number of patients.
Net operating income at Tenet's flow business rose 21.1% to $1.14 billion on higher spending on patient services. In addition, while the number of inpatients rose, revenue from the hospital business fell 4.3% to $3.96 billion due to fewer facilities.
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- MoonJin·07-27An interesting stock for new exposure to the medicare industry.LikeReport
- KSR·07-27👍LikeReport