Tenet Healthcare Corp.’s profit dropped in the fourth quarter after revenue and grant income related to the Covid-19 pandemic declined.
The Dallas-based healthcare services company
on Monday reported net income of $249 million in the quarter, compared with income of $414 million in the same period a year earlier. Earnings per share reached $2.29 from $3.86 a year earlier and earnings per share from continuing operations fell to $2.30 from $3.92.
Tenet posted revenue of $4.86 billion in the quarter, down from $4.92 billion a year earlier. Covid-related pre-tax stimulus grant income fell to $140 million in the quarter from $446 million a year earlier.
The company said it expects to have fiscal year 2022 adjusted earnings per share in a range from $5.86 to $7.05 and sees income from continuing operations available to common shareholders in a range from $5.46 a share to $6.16 a share.
Tenet also said that it plans to retire $700 million of 7.5% senior secured notes due in 2025 with savings of about $53 million per year.
Write to Jeffrey T. Lewis at email@example.com