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Tenet Healthcare hits 22-year high after FY profit forecast raise



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Updates

** Shares of hospital operator Tenet Healthcare THC.N jump ~9% to $151 — hitting their highest levels since November 2002

** Company raises annual adj. profit per share to be between $10.41 and $11.12, above previous range of $8.37 to $9.41

** Expects Q3 adj. EPS to be between $2.16 and $2.58 vs LSEG estimates of $1.67

** Company reports Q2 per-share profit of $2.31 vs analysts' estimate of $1.90

** Brokerage Leerink says THC's result reflects improving labor trends and easing staffing costs for the hospital operator

** THC's board also authorizes a new $1.5 bln share buyback program

** Bigger rival HCA Healthcare HCA.N also lifted its annual profit forecast on Tuesday

** HCA flagged that cost pressures associated with labor were easing

** Shares of rival Community Health Systems CYH.N up 3.3%, while larger rival HCA up ~1%

** Including session moves, THC has nearly doubled so far this year; while HCA and CYH are up ~26% each during the period



Reporting by Sriparna Roy and Bhanvi Satija in Bengaluru

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