Why Tenet Healthcare (THC) Shares Are Surging Today - Tenet Healthcare (NYSE:THC)

Tenet Healthcare Corp's THC shares are gaining Tuesday morning following its Street-beating first quarter FY23 performance and raised FY23 outlook.
THC Q1 FY23 adjusted EPS came in at $1.42, down from $1.90 a year ago and beating the consensus of $1.15.
The net operating revenue of the multinational healthcare services company reached $5.02 billion, up 5.8% Y/Y, beating the consensus of $4.85 billion.
Hospital segment sales rose 2.7% to $3.89 billion due to increased adjusted admissions, partially offset by lower COVID-related volume and acuity.
Ambulatory segment revenues increased 22.6% to $905 million, driven by same-facility solid net surgical case growth, acquisitions and opening of new facilities, service line growth, and improved pricing yield.
Conifer Segment sales were majorly flat on year to $324 million.
Adjusted EBITDA slumped 6.3% to $832 million from $888 million a year ago.
Net income reached $143 million, up from $139 million last year.
Outlook: Tenet forecasts Q2 FY23 sales of $4.8 billion - $5 billion (consensus $4.91 billion).
It expects an adjusted EPS of $1.07 - $1.30 (consensus $1.16).
For FY23, the company raised its sales guidance from $19.70 billion - $20.10 billion to $19.80 billion - $20.20 billion versus the Street view of $20.04 billion.
THC raised its adjusted EPS forecast from $4.68 - $5.85 to $4.92 - $6.09, against the consensus of $5.43.
Price Action: THC shares are 5.5% higher at $72.81 during the premarket trading session on Tuesday.

Why Tenet Healthcare Shares Are Surging Today