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Tenet Earnings Hurt By Medicare And Other Charges

Tenet Healthcare Corp. said Tuesday it swung to a first-quarter loss of $88 million, or 85 cents a share, from a year-earlier profit of $58 million, or 53 cents a share. First-quarter results were affected by a $75 million Medicare settlement known as the Rural Floor settlement. The company said its loss per share from continuing operations was 83 cents. Excluding impairments, restructuring charges, acquisition-related costs and the loss on early extinguishment of debt, income from continuing operations was 33 cents a share. Quarterly revenue rose 3.7% to $2.39 billion. Analysts polled by FactSet had expected earnings of 31 cents a share on revenue of $2.42 billion. Tenet maintained its outlook for 2013 adjusted earnings before interest, taxes, depreciation and amortization at $1.325 billion to $1.425 billion and changed its second-quarter adjusted Ebitda outlook to a range of $325 million to $375 million. "Tenet generated strong earnings growth by rapidly adjusting costs in a soft vol...

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