Reuters: Global Markets: Tenet profit up; shares jump

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Tenet profit up; shares jump Nov 7th 2012, 14:02 Wed Nov 7, 2012 9:02am EST (Reuters) - Tenet Healthcare Corp (THC.N) reported higher quarterly earnings on Wednesday as outpatient surgeries at its hospitals rose, but the company scaled back its full-year profit outlook due to a delayed payment from a California Medicaid program. Tenet posted third-quarter earnings of $40 million, or 37 cents a share, up from $6 million, or 5 cents a share, a year earlier. Earnings before interest, tax, depreciation and amortization increased 40 percent to $269 million. Net operating revenue was up 5.8 percent to $2.22 billion. Tenet said it expects full-year EBITDA, excluding one-time items, of $1.2 billion. It previously forecast $1.25 billion to $1.38 billion. Patient admissions to its facilities open at least one year rose 1.4 percent in the third quarter, with outpatient surgeries up 6.3 percent and emergency room visits up 4.9 percent. Tenet shares rose 4.2 percent to $25.99 in premarket trading.

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