NEW YORK (TheStreet) -- Shares of Tenet Healthcare Corp (THC) are plummeting, down 7.09% to $52.70 in afternoon trading Tuesday, after the hospital company reported a drop in third quarter earnings to 9 cents per share, or $9 million, from $28 million one year ago.
Excluding asset-impairment costs and discontinued operations, Tenet Healthcare earned 36 cents per share, beating the consensus estimate of 10 cents per share.
Revenue rose 6% year over year to $4.18 billion, in-line with the consensus estimate.
The company said it benefited from increased admissions under Obamacare and reduced spending on charity care for uninsured patients.
Separately, TheStreet Ratings team rates TENET HEALTHCARE CORP as a Hold with a ratings score of C.
- You can view the full analysis from the report here: THC Ratings Report