Dallas-based hospital operator Tenet Healthcare (NYSE: THC) saw its fourth-quarter earnings more than triple, driven by strong pricing growth, continued cost performance and a boost in patient visits.
The company, which rejected a $3.3 billion takeover bid by rival hospital chain Community Health Systems, said its net income attributable to common shareholders rose to $74 million, or $0.14 per share, up from $21 million, or $0.04 per share a year earlier, and ahead of analyst estimates of $0.08 per share.
Tenet's revenue increased 1.8 percent to $2.3 billion for the fourth quarter of 2010, nearly on point with analysts' expectations of $2.35 billion.
"Our volume trends showed significant improvement in November and December compared to the first 10 months of the year. Those strengthening trends have continued into January and February 2011," said President and CEO Trevor Fetter in a statement.
Looking ahead, Tenet expects its adjusted EBITDA to be between $1.15 billion and $1.25 billion in 2011, compared to $1.05 billion in 2010--the company's highest in seven years.
- here's Tenet's Q4 results