NYSE$THC
Tenet Healthcare Corp · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Tenet Healthcare's financial performance in Q3 2021 demonstrated significant improvement compared to the previous year. The company reported a substantial increase in net income and adjusted EBITDA, driven by strong performance across its operating segments.
Tenet Healthcare reported a net income of $448 million, or $4.12 per diluted share, compared to a net loss of $197 million, or $1.87 per share, in Q3 2020. Adjusted EBITDA reached $855 million, up from $551 million in the prior year. The company raised its full-year 2021 financial guidance, reflecting confidence in continued growth and strong cash flow generation.
- Net income from continuing operations available to common shareholders was $448 million in Q3 2021, a significant increase from the $197 million net loss in Q3 2020.
- Consolidated Adjusted EBITDA increased to $855 million in Q3 2021, compared to $551 million in Q3 2020.
- Diluted earnings per share from continuing operations was $4.12 in Q3 2021, compared to a loss per share of $1.87 in Q3 2020; Adjusted diluted earnings per share from continuing operations of $1.99 in Q3 2021 compared to $0.64 in Q3 2020
- Tenet raised its full-year 2021 outlook for net income, Adjusted EBITDA, and adjusted diluted earnings per share, indicating strong financial performance and positive trajectory.
Headline financials
Revenue & EPS history
Tenet Healthcare · Revenue · Quarterly
$4.89B
Revenue by segment
Tenet Healthcare · $4.7B total across 2 segments · Q3 2021
- Hospital Operations$4.03B+6.0%85.8%
- Ambulatory Care$666M+17.9%14.2%
Forward guidance
Tenet Healthcare provided its outlook for FY 2021, projecting net operating revenues between $19.5 billion and $19.8 billion, and Adjusted EBITDA between $3.275 billion and $3.325 billion.
Tailwinds
- Net operating revenues are projected to be between $19.5 billion and $19.8 billion.
- Adjusted EBITDA is expected to be in the range of $3.275 billion to $3.325 billion.
- Diluted income per common share from continuing operations is forecasted to be between $7.09 and $7.50.
- Adjusted diluted earnings per share from continuing operations are anticipated to be between $6.15 and $6.38.
- Adjusted free cash flow is projected to be between $650 million and $850 million.
Headwinds
- Interest expense is expected to be between $915 million and $925 million.
- Capital expenditures are projected to be between $675 million and $725 million.
- NCI cash distributions are estimated to be between $450 million and $470 million.
- Depreciation and amortization expenses are expected to be between $860 million and $870 million.
- Effective tax rate is estimated to be around 18%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
-1.0%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+3.0%
Avg return
30 days after
49%
33 / 68 earnings
Positive
+13.3%
Q3 2024
Best reaction
-31.1%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.7% | +3.8% | -2.8% | |
| Q4 2025 | -0.7% | +6.4% | +29.3% | |
| Q3 2025 | -5.3% | -4.5% | +0.6% | |
| Q2 2025 | +0.3% | +3.6% | +12.2% | |
| Q1 2025 | +0.2% | -9.6% | +7.4% | |
| Q4 2024 | -9.1% | -4.0% | -11.6% | |
| Q3 2024 | +13.3% | +11.9% | +1.8% | |
| Q2 2024 | +8.0% | +10.2% | +18.6% | |
| Q1 2024 | -0.7% | -2.8% | +6.8% | |
| Q4 2023 | -0.0% | +6.9% | +14.0% | |
| Q3 2023 | +1.1% | +3.4% | +26.8% | |
| Q2 2023 | +3.3% | +0.2% | +5.4% | |
| Q1 2023 | +1.5% | +5.6% | +27.3% | |
| Q4 2022 | -3.2% | +13.8% | -3.3% | |
| Q3 2022 | -31.1% | -24.0% | -17.2% | |
| Q2 2022 | +7.8% | +7.9% | +7.9% | |
| Q1 2022 | -0.3% | -8.0% | -16.6% | |
| Q4 2021 | -5.3% | +12.1% | +23.0% | |
| Q3 2021 | +9.3% | +6.7% | +20.2% | |
| Q2 2021 | -0.7% | +1.6% | +3.0% | |
| Q1 2021 | -3.7% | -4.5% | +11.5% | |
| Q4 2020 | -5.1% | -4.7% | +6.3% | |
| Q3 2020 | +0.9% | +3.4% | +12.9% | |
| Q2 2020 | +0.6% | +10.1% | +10.6% | |
| Q1 2020 | -8.6% | +19.3% | +34.4% | |
| Q4 2019 | -14.5% | -23.2% | -47.4% | |
| Q3 2019 | +8.6% | +14.8% | +30.4% | |
| Q2 2019 | -3.8% | -5.0% | -7.9% | |
| Q1 2019 | +3.2% | +8.1% | -24.1% | |
| Q4 2018 | +11.5% | +21.6% | +16.5% | |
| Q3 2018 | -9.3% | -3.2% | -8.7% | |
| Q2 2018 | -15.6% | -15.9% | -17.4% | |
| Q1 2018 | -4.4% | +0.7% | -1.3% | |
| Q4 2017 | +7.7% | +13.7% | +23.6% | |
| Q3 2017 | +7.7% | +9.2% | +4.6% | |
| Q2 2017 | -14.8% | -16.2% | +2.3% | |
| Q1 2017 | -4.1% | -3.6% | -13.8% | |
| Q4 2016 | -12.2% | -4.5% | -18.5% | |
| Q3 2016 | -5.6% | -12.3% | -24.8% | |
| Q2 2016 | -9.9% | -10.2% | -21.9% | |
| Q1 2016 | -0.1% | — | — | |
| Q4 2015 | +5.4% | — | — | |
| Q3 2015 | +9.2% | — | — | |
| Q2 2015 | +2.1% | — | — | |
| Q1 2015 | -3.2% | — | — | |
| Q4 2014 | +1.0% | — | — | |
| Q3 2014 | -5.3% | — | — | |
| Q2 2014 | +4.8% | — | — | |
| Q1 2014 | +1.7% | — | — | |
| Q4 2013 | -6.3% | — | — | |
| Q3 2013 | -6.8% | — | — | |
| Q2 2013 | -7.0% | — | — | |
| Q1 2013 | +0.9% | — | — | |
| Q4 2012 | +3.5% | — | — | |
| Q3 2012 | +5.4% | — | — | |
| Q2 2012 | +11.8% | — | — | |
| Q1 2012 | +1.1% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q2 2011 | -4.6% | — | — | |
| Q1 2010 | -6.3% | — | — | |
| Q1 2011 | +1.6% | — | — | |
| Q4 2008 | +3.0% | — | — | |
| Q3 2009 | +0.0% | — | — | |
| Q3 2010 | +0.0% | — | — | |
| Q2 2009 | +0.7% | — | — | |
| Q2 2010 | +0.7% | — | — | |
| Q4 2009 | +0.7% | — | — |
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