While the debate over health care reform rages on, hospital operator Tenet Healthcare Corp. (NYSE: THC) said Tuesday it swung to a loss in the third quarter, one day after health insurer Humana Inc. (NYSE: HUM) posted a 65% jump in its third-quarter profit.
Tenet said it lost $3 million, or a penny per share. That compares with a profit of $104 million, or 22 cents per share, a year earlier. But, Tenet reported a one-time gain of $140 million a year ago after selling investments.
Third-quarter revenue grew 5.7% to $2.26 billion. Analysts surveyed by Thomson Reuters had expected a loss of 2 cents per share and $2.25 billion in revenue.
For the full year, Tenet raised its earnings outlook to $925 million to $975 million, up from $900 million to $950 million.
For the quarter ended September 30, Humana reported earnings per share of $1.78, which was in line with previous guidance and compares with $1.09 per share for the same quarter of last year.
Revenue rose 8% year over year to $7.72 billion. Analysts polled by Thomson Reuters had expected a profit of $1.77 per share on $7.82 billion in revenue.
Humana reaffirmed its full-year guidance of $6.15 per share on revenue of about $31 billion, which is in line with analysts' expectations.
Tuesday, Humana shares rose 66 cents, or 1.8%, to $37.67. Tenet shares rose 10 cents, or 1.9%, to $5.40.
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