The company reported a quarterly profit of $826 million, or $9.84 a share, a sharp increase from the $288 million, or $3.14 a share, recorded during the same period last year. When excluding one-time items, adjusted earnings reached $6.12 a share, easily outpacing the $4.26 expected by Wall Street. Operating revenue followed a similar trend, rising 6.8% to $5.63 billion, which topped the consensus estimate of $5.43 billion. A notable $413 million boost was also attributed to revenue from contract terminations.

Bolstered by these results, Tenet updated its full-year guidance significantly. The company now projects adjusted earnings between $20.30 and $21.69 per share, up from its earlier forecast of $16.38 to $18.68. The revised revenue outlook now sits in a range of $21.9 billion to $22.5 billion, surpassing the $21.97 billion target previously modeled by FactSet analysts.