Tenet Health Care (THC)

[fung_derf]

Tenet Healthcare Corp (THC)
The company on Monday warned of a significant hit from the COVID-19 pandemic in the current quarter, even as the hospital operator's quarterly profit beat estimates due to a tax benefit from the coronavirus stimulus bill. In the quarter ended March 31, the company reported a near 5% drop in same-hospital admissions, as patient volumes were impacted starting mid-March. Tenet said its net income from continuing operations attributable to shareholders took a 69 cents per share hit due to the impact from the virus outbreak in March. For the quarter, the company reported adjusted profit from continuing operations of $1.28 per share, beating analysts' average estimate of 32 cents per share. Net income attributable to Tenet Healthcare shareholders rose to $93 million, or 88 cents per share, in the first quarter, compared to a loss of $12 million, or 11 cents per share, a year earlier. Net operating revenue fell to $4.52 billion from $4.55 billion.