RTTNews | Oct 21, 2020 10:08AM EDT

10:07 Wednesday, October 21, 2020 (RTTNews.com) - Shares of Tenet Healthcare Corp. (THC) are currently trading at $28.17, down 40 cents or 1.40%, despite the company reporting better-than-expected Q3 results.

The company's Q3 net loss was $196 million or $1.86 per share compared to a loss of $226 million or $2.18 per share last year. Loss from continuing operations narrowed to $197 million or $1.87 per share from a loss of $227 million or $2.19 per share incurred a year ago.

Adjusted net income available from continuing operations to common shareholders totaled $68 million or $0.64 per share compared to $67 million or $0.64 per share in the prior year period.

Net operating revenues slipped 0.2% to $4.557 billion from $4.568 billion generated in the same period of last year.

Analysts polled by Thomson Reuters expected earnings of $0.31 per share on revenue of $4.4 billion for the quarter. Analysts' estimate typically exclude certain special items.

The company noted that "continued focus on strategic cost reduction measures and corporate efficiencies helped mitigate the impact of COVID surges in certain markets during the quarter, including the impact of higher temporary labor and premium pay."

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