Tenet Healthcare hits 22-year high after FY profit forecast raise

Tenet Healthcare

24/07/2024 15:29

(Updates)
    ** Shares of hospital operator Tenet Healthcare  THC.N  jump
~9% to $151 — hitting their highest levels since November 2002
    ** Company raises annual adj. profit per share to be between
$10.41 and $11.12, above previous range of $8.37 to $9.41
    ** Expects Q3 adj. EPS to be between $2.16 and $2.58 vs LSEG
estimates of $1.67
    ** Company reports Q2 per-share profit of $2.31 vs analysts'
estimate of $1.90
    ** Brokerage Leerink says THC's result reflects improving
labor trends and easing staffing costs for the hospital operator
    ** THC's board also authorizes a new $1.5 bln share buyback
program
    ** Bigger rival HCA Healthcare  HCA.N  also lifted its
annual profit forecast on Tuesday 
    ** HCA flagged that cost pressures associated with labor
were easing
    ** Shares of rival Community Health Systems  CYH.N  up 3.3%,
while larger rival HCA up ~1%
    ** Including session moves, THC has nearly doubled so far
this year; while HCA and CYH are up ~26% each during the period

 (Reporting by Sriparna Roy and Bhanvi Satija in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com))