Strong admissions growth and better contract terms with managed care providers helped hospital operator Tenet Healthcare Corp. cut its year-over-year second quarter losses by 50 percent.
The Dallas-based company said it lost $15 million, or 3 cents a share, for the second quarter ended June 30, 2008, compared to a $30 million, 6 cents a share, loss in the second quarter of 2007. Revenue increased 6 percent to $2.2 billion.
Tenet said the 2008 second quarter earnings include charges of 3 cents per share for a California residency program and for discontinued operations from hospitals being sold. Excluding the one-time charge, Tenant posted break-even results and actually beat analysts’ expectations of a loss of 1 cent per share.
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