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BRIEF-Tenet Healthcare releases preliminary results for Q3
October 27, 2017 / 12:23 PM / a month ago

BRIEF-Tenet Healthcare releases preliminary results for Q3

Oct 27 (Reuters) - Tenet Healthcare Corp

* Tenet releases preliminary results for the third quarter of 2017, announces $150 million cost reduction initiative and appoints new independent director

* Sees Q3 2017 loss per share $3.63 from continuing operations

* Tenet Healthcare Corp - ‍James Bierman to join board as part of ongoing board refreshment process​

* Tenet Healthcare Corp - ‍Anticipates reporting Q3 net operating revenues after provision for doubtful accounts of approximately $4.586 billion​

* Tenet Healthcare Corp sees ‍Q3 adjusted EBITDA to be approximately $507 million

* Q3 earnings per share view $-0.39, revenue view $4.70 billion -- Thomson Reuters I/B/E/S

* Tenet Healthcare - ‍Expects to report Q3 adjusted net loss from continuing operations attributable to shareholders of about $17 million, or $0.17/share​

* Tenet -Adjusted EBITDA in Q3 estimated to be negatively impacted by about $30 million of lower revenues,higher expenses associated with hurricanes

* Tenet Healthcare Corp - ‍Patient revenues in hospital operations and other segment declined 2.3 percent on a same-hospital basis in Q3

* Tenet Healthcare Corp - ‍ Anticipates achieving full annualized run-rate savings from implementation of cost reduction initiative by end of 2018​

* Tenet Healthcare Corp - ‍Company’s same-hospital revenue per adjusted admission was lowered by approximately 150 basis points in Q3​

* Tenet Healthcare - ‍Ongoing cost reduction actions through mid-2018 expected to yield $150 million of annualized run-rate savings by end of 2018​

* Tenet Healthcare Corp - ‍In total, company anticipates eliminating approximately 1,300 positions, including contractors​

* Tenet Healthcare Corp - ‍Anticipates eliminating approximately 1,300 positions, including contractors

* Tenet Healthcare Corp - ‍Tenet’s board now consists of 10 directors, nine of whom are independent​

* Tenet Healthcare - ‍ Substantially all pre-tax restructuring costs of about $40 million relate to employee severance payments that will begin in Q4 of 2017​

* Tenet Healthcare - About 75% savings seen to come from actions within hospital operations and other segment, including regional management layer elimination ​ Source text for Eikon: Further company coverage:

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