Tenet Healthcare (THC) reported better-than-expected second-quarter earnings late Wednesday, but gave weak guidance. THC stock fell sharply in overnight trade after closing in a buy zone.
Hospital stocks have been in good health, fueled by blowout HCA Healthcare earnings early Tuesday.
Tenet Earnings
Estimates: Analysts expected Tenet earnings per share to fall 13% to $1.09 a share, according to Zacks Investment Research. Revenue was seen growing 31% to $4.77 billion, the third straight quarter of accelerating growth. Year-ago Tenet earnings included $523 million in federal stimulus grants to help hospitals overcome losses and expenses related to the pandemic.
Results: Tenet earnings rose 26% to $1.59 a share. Revenue climbed 36% to $4.95 billion.
Outlook: The hospital operator see Q3 adjusted EPS of 73 cents to $1.06 on revenue of $4.6 billion to $4.8 billion. That's below Wall Street estimates for Tenet earnings of $1.10 and $4.837 billion in revenue.
Tenet sees full-year EPS of $5.23-$5.73 vs. $4.16-$5.46 previously. The new $5.48 midpoint is above the consensus for $5.21, but that includes Q2's 50-cent beat. Its new 2021 revenue midpoint of $19.45 billion is below consensus at $19.54 billion, even with Q2's beat.
https://www.investors.com/news/thc-stock-tenet-earnings-on-tap-hospital-stocks-flash-buy-signals/
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