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"While the economy has had some effect year-to-date, it remains less than we would have expected in the context of rising unemployment levels in many of our markets," Tenet CEO Trevor Fetter said.
For the three months that ended Sept. 30, Tenet lost $3 million, or 1 cent per share, compared with a net income of $104 million, or 22 cents per share, during the third quarter of 2008.
Wall Street analysts surveyed by Thomson Reuters expected a loss of 2 cents per share.
During the quarter, Tenet had $18 million in after-tax penalties, or 4 cents per share, in part because it lost $5 million from discontinued operations, got rid of $16 million in pre-tax debt before it matured and had $3 million in pre-tax legal costs.
Tenet also reported $190 million in debt from patients who were expected to pay but couldn't. That debt jumped $28 million, or 17 percent, from the 2008 third quarter.
After Tenet adjusted its earnings to exclude certain charges, it said it earned $240 million, a 50 percent increase from the $160 million earned in the third quarter of 2008.
In assessing the quarter, Fetter focused on the adjusted earnings rather than the losses.
"Strong revenue growth, excellent cost control and robust growth in our outpatient business were more than sufficient to offset an adverse shift in payer mix," Fetter said.
By year's end, Tenet expects an adjusted income of $925 million to $975 million, up from $900 million to $950 million.
Tenet's shares closed at $5.40, up 10 cents from $5.30 a share on Monday.
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