The hospital chain Tenet Healthcare plans to cut more costs and sell a business after releasing a lighter-than-expected forecast for 2018.
Tenet shares slid in early trading Tuesday after it said adjusted earnings from continuing operations will range between $1.07 and $1.36 per share next year.
FactSet says analysts forecast, on average, earnings of $1.40 per share.
Tenet also says It will increase the size of a previously announced cost-reduction plan by $100 million and look to sell its Conifer business, which provides revenue cycle management services.
New CEO Ronald Rittenmeyer said in a statement that the company was taking "aggressive actions to improve financial performance." Rittenmeyer took over in September from long-time leader Trevor Fetter.
Dallas-based Tenet Healthcare Corp. reported a quarterly loss of $367 million in October.