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IN BRIEF Southern California

Tenet Says Quarterly Profit Beats Estimates

July 12, 2002|Bloomberg News

Tenet Healthcare Corp. said profit surged beyond expectations in its fiscal fourth quarter as the hospital operator treated more patients, raised prices and controlled costs.

The Santa Barbara-based company's earnings grew 43% to $321 million, or 64 cents a share, from $225 million, or 45 cents, a year ago, excluding one-time items. Analysts on average were expecting 61 cents.

Including one-time items, net income more than doubled to $261 million, or 52 cents a share.

Revenue rose 17% to $3.74 billion.

Tenet also reaffirmed previous projections that it expects annual percentage earnings increases, excluding items, in the mid to high teens.

Tenet shares rose $2.44 to close at $48.20 on the New York Stock Exchange.

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