Tenet posts smaller 2Q loss, tops estimate

Tenet Healthcare Corp. on Monday reported a smaller loss in its second quarter, and topped analysts' expectations.

The Dallas-based company posted a loss of $26 million, or 27 cents per share, compared with a loss of $50 million, or 49 cents per share, in the same quarter a year earlier.

Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 17 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for break even, on an adjusted basis.

The company said revenue rose 67 percent to $4.04 billion from $2.42 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $3.93 billion, according to Zacks.

Tenet Healthcare shares have increased $11.18, or 27 percent, to $53.30 since the beginning of the year, while the Standard & Poor's 500 index has increased 4.9 percent.