Tenet Healthcare Corporation (NYSE:THC) has released its financial results for the first quarter ended March 31, 2024, demonstrating significant earnings growth.
The company's net income from continuing operations available to common shareholders reached $2.151 billion, or $21.38 per diluted share.
This robust increase was significantly driven by an after-tax gain of $1.856 billion, or $18.45 per diluted share, resulting from the divestitures of several hospitals.
Excluding these one-time gains, adjusted diluted earnings per share from continuing operations were $3.22.
Additionally, the company's consolidated adjusted EBITDA for the quarter was $1.024 billion, reflecting a 23.1% increase compared to the same period in 2023.
Following this robust start to the year, Tenet has raised its 2024 financial outlook, expecting adjusted EBITDA to be in the range of $3.5 billion to $3.7 billion, a significant increase from previous forecasts.