Tenet Says Quarterly Profit Beats Estimates

Tenet Healthcare Corp. said profit surged beyond expectations in its fiscal fourth quarter as the hospital operator treated more patients, raised prices and controlled costs.

The Santa Barbara-based company’s earnings grew 43% to $321 million, or 64 cents a share, from $225 million, or 45 cents, a year ago, excluding one-time items. Analysts on average were expecting 61 cents.

Including one-time items, net income more than doubled to $261 million, or 52 cents a share.

Revenue rose 17% to $3.74 billion.

Tenet also reaffirmed previous projections that it expects annual percentage earnings increases, excluding items, in the mid to high teens.

Tenet shares rose $2.44 to close at $48.20 on the New York Stock Exchange.