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Tenet's Profit Rises as Hospital Chain Expands

October 08, 1998|Bloomberg News

Tenet Healthcare Corp., the second-largest U.S. hospital chain, said its fiscal first-quarter profit rose 18% on an increase in patient admissions at its hospitals. The Santa Barbara-based company said profit rose to $136.6 million, or 44 cents a diluted share, from $116.2 million, or 38 cents, a year earlier. Revenue rose 9.5% to $2.55 billion during the quarter ended Aug. 31, from $2.33 billion. The health-care provider has continued buying hospitals and holding down costs as its admissions rise. Tenet was expected to earn 43 cents a share, based on the average estimate of analysts polled by First Call Corp. Tenet shares fell $1.31 to close at $27.50 on the NYSE.

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