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Tenet Profit Will Beat Estimates

June 11, 2002|Bloomberg News

Tenet Healthcare Corp. said that quarterly profit will beat estimates as the hospital operator treated more patients, raised prices and cut costs.

Santa Barbara-based Tenet said earnings for its fiscal fourth quarter ended May 31 will "comfortably exceed" the 90-cent average forecast of analysts surveyed by Thomson Financial/First Call.

Tenet, like other U.S. hospital companies, has increased earnings by raising the prices it charges managed-care insurers and investing in profitable medical services such as cardiology and orthopedics. The company also has bought hospitals in growing health-care markets such as California and Florida.

The fourth quarter is the 10th consecutive period in which Tenet's earnings grew by at least 20% and the fifth consecutive quarter of growth of more than 30%, Chief Executive Jeffrey Barbakow said.

The company is scheduled to announce results July 11.

Shares of Tenet closed up $1.27 to $76.09 on the NYSE before the news was released.

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