Tenet Posts 17% Rise in Quarterly Profit
Tenet Healthcare Corp., the second-biggest U.S. hospital chain, said fiscal fourth-quarter profit rose 17% as admissions to its hospitals grew and it held down costs. Tenet said profit from continuing operations rose to $148.8 million, or 47 cents a diluted share, before charges, from $127.6 million, or 41 cents, a year earlier. Revenue at the Santa Barbara company rose 9.4% to $2.57 billion during the three months ended May 31, from $2.35 billion. Analysts had forecast earnings of 48 cents. Tenet shares fell $1.38 to close at $28.44 on the New York Stock Exchange. Admissions from hospitals open more than a year grew 1.4% in the quarter from a year earlier, while total admissions were up 5.5%.