) -- On Tuesday,
reiterated its earnings preview from last week, posting a net loss in the second quarter that remained flat against the year-earlier period.
The Dallas, Texas-based hospital operator said it lost $15 million, or 3 cents per share, which matches the loss from last year's second quarter. If excluding discontinued operations, Tenet reported a profit of $3 million, or 1 cent per share, compared to a $17 million loss, or 3 cents, from the year-earlier quarter.
Tenet also reported a 51% boost in its earnings before interest, taxes, depreciation and amortization, along with a near 6% revenue jump at $2.23 billion.
Following last Tuesday's preview, Tenet's shares soared 13% by that day's closing. Today, shares were putting on another 14 cents, or 3.3%, at $4.34. Since the year began, Tenet is up nearly 270%.
The for-profit hospital industry is facing increasing pressure. Among other things, as unemployment continues to rise, and the number of uninsured jumps as a result, hospital operators are feeling the brunt of unpaid bills.
Last week, Tenet noted that a near 6% drop-off in commercially insured admitted patients weighed down on earnings during the quarter. Still, the company also reported that cost-cutting measures and upticks in outpatient visits helped offset some of the burdens.
Tenet said its 2009 loss from continuing operations should land between 8 cents and 1-cent per share, while revenues should range between $8.9 billion and $9.1 billion.
Despite some of the more dour numbers, Tenet had boosted its 2009 adjusted EBITDA outlook. Today, the company confirmed the guidance, saying it should range between $810 million to $875 million. Previously, the company said adjusted EBITDA would range between $760 million to $825 million. Tenet noted in last week's press release that the better forecast resulted from better-than-anticipated first-half results, combined with better cost efficiency and a projected smaller jump in bad debt expense.
Last week, both
Community Health Systems
Universal Health Services
posted profit jumps in separate earnings releases.
Today, shares of
Brookdale Senior Living
, which bested estimates in reporting a wider second quarter loss this morning, were rising $1.65, or 14.7%, at $12.89.
-- Reported by Sung Moss in New York.
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