December 19, 2017 / 12:42 PM / in 6 months

BRIEF-Tenet To Explore Potential Sale Of Conifer, Provides Updates On Cost Reduction And 2018 Outlook

Dec 19 (Reuters) - Tenet Healthcare Corp:

* TENET ANNOUNCES PROCESS TO EXPLORE A POTENTIAL SALE OF CONIFER, PROVIDES UPDATES ON COST REDUCTION AND BOARD REFRESHMENT INITIATIVES, AND ISSUES OUTLOOK FOR 2018

* SEES FY 2018 ADJUSTED EARNINGS PER SHARE $1.07 TO $1.36 FROM CONTINUING OPERATIONS

* SEES FY 2018 EARNINGS PER SHARE $0.63 TO $0.68 FROM CONTINUING OPERATIONS

* TENET HEALTHCARE - ‍TARGETED COST REDUCTION PROGRAM EXPANDED AND IS NOW EXPECTED TO YIELD $250 MILLION OF ANNUALIZED RUN-RATE SAVINGS BY END OF 2018​

* - ‍BOARD HAS REAFFIRMED CONTINUATION OF PREVIOUSLY ANNOUNCED SHAREHOLDERS RIGHTS PLAN UNTIL 2018 ANNUAL MEETING​

* TENET HEALTHCARE - ‍OUTLOOK FOR 2018 INCLUDES NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO TENET COMMON SHAREHOLDERS OF $65 MILLION TO $70 MILLION​

* - IS INITIATING A PROCESS TO EXPLORE A POTENTIAL SALE OF CONIFER HEALTH SOLUTIONS, ITS HEALTHCARE BUSINESS SERVICES SUBSIDIARY

* - ‍INCREASED SIZE OF ITS PREVIOUSLY ANNOUNCED COST REDUCTION INITIATIVES BY $100 MILLION​

* - EXPECTS TO REALIZE APPROXIMATELY $125 MILLION OF SAVINGS DURING CALENDAR YEAR 2018, UP FROM COMPANY’S PREVIOUS GOAL OF $75 MILLION

* - ‍EXPECTS THAT A DECISION REGARDING A POTENTIAL SALE OF CONIFER SHOULD BE MADE DURING FIRST HALF OF 2018​

* - ‍BOARD WILL CONTINUE ITS SEARCH FOR ADDITIONAL INDEPENDENT DIRECTORS​

* SEES ‍ 2018 NET OPERATING REVENUES OF $17.8 BILLION TO $18.2 BILLION, CAPITAL EXPENDITURES OF $625 MILLION TO $675 MILLION​

* SEES ‍ 2018 EARNINGS PER DILUTED SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO TENET SHAREHOLDERS OF $0.63 TO $0.68​

* FY2018 EARNINGS PER SHARE VIEW $1.27 — THOMSON REUTERS I/B/E/S

* - BASED ON CO’S REVIEW OF TAX BILLS, ‍EXPECTS NET INCOME,EPS WILL BE LOWER THAN 2018 OUTLOOK FIGURES ​

* TENET HEALTHCARE- IF TAX BILL IS ENACTED BY YEAR END, TO RECOGNIZE IN Q4 SUBSTANTIAL REVALUATION, NON-CASH PARTIAL WRITE-DOWN OF NET DEFERRED INCOME TAX ASSETS

* - ‍DOES NOT CURRENTLY ANTICIPATE PROPOSED CHANGES IN TAX LAW HAVING A MEANINGFUL IMPACT ON CO’S ABILITY TO UTILIZE ITS NOLS​

* - ‍OUTLOOK FOR 2018 DOES NOT INCORPORATE ANY IMPACT FROM A POTENTIAL SALE OF CONIFER​ Source text for Eikon: Further company coverage:

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