Tenet quarterly net loss narrows, full-year outlook confirmed

Mon May 5, 2014 5:58pm EDT

May 5 (Reuters) - Tenet Healthcare Corp on Monday posted a first-quarter loss, hurt by cuts in Medicare payments to hospitals and other providers, but confirmed its full-year 2014 outlook as admissions to its facilities rose.

Dallas-based Tenet, the third-largest U.S. for-profit hospital chain, reported a net loss of $32 million, or 33 cents a share, compared with a net loss of $88 million, or 85 cents a share, a year ago.

Tenet said it recorded a loss from continuing operations, excluding costs for restructuring, acquisition, litigation and debt retirement, of $12 million, or 12 cents a share, compared with income of $34 million, or 33 cents a share, in the same period a year ago.

On that basis, analysts had expected a loss of 14 cents a share, according to Thomson Reuters I/B/E/S.

Tenet confirmed its forecast for 2014 earnings before interest, tax, depreciation and amortization, excluding one-time items, in a range of $1.8 billion to $1.9 billion. (Reporting by Susan Kelly in Chicago; Editing by David Gregorio)