Tenet Healthcare posts fourth-quarter net loss
Feb 24 (Reuters) - Tenet Healthcare Corp posted a fourth-quarter net loss on Monday because of costs primarily for financing its acquisition of Vanguard Health Systems.
Earnings before interest, tax, depreciation and amortization and excluding special items increased 32 percent to $444 million from a year ago.
Dallas-based Tenet reported a net loss of $24 million, or 24 cents a share, compared with net income of $49 million, or 45 cents, a year ago. Net operating revenue increased about 67 percent in the quarter to $3.89 billion.
Tenet completed the acquisition of Vanguard for about $1.8 billion on Oct. 1 to expand into new markets and position itself to benefit from an increase in patients who have health insurance under President Barack Obama's healthcare reform.
Tenet shares closed Monday at $48.33, up 3.1 percent.