Tenet Healthcare Corp., Dallas, reports a first-quarter profit on a one-time debt swap gain and higher overall revenue, despite a drop in same-hospital admissions.
Announcing results previewed April 21, Tenet says it earned $178 million, or 37 cents per share, compared with a loss of $31 million, or 6 cents per share, during the same period a year ago. Revenue rose 5% to $2.28 billion.
Excluding a one-time gain, the company earned 8 cents per share. Analysts expected profit of 3 cents per share on revenue of $2.32 billion.
The results include a $134 million gain on Tenet's exchange of debt.
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