Aetna 1Q profit slips 4 pct, boosts 2013 forecast

April 30th, 2013 in Technology / Business

Aetna says its first-quarter net income fell 4 percent as acquisition-related costs and rising health care expenses more offset government business gains.

But its earnings still topped expectations. The health insurer also is raising its 2013 forecast.

The Hartford, Conn., company earned $490.1 million, or $1.48 per share, in the three months that ended March 31. That's down from $511 million, or $1.43 per share, in last year's quarter.

Adjusted earnings totaled $1.50 per share. That trumped for $1.38 per share.

Operating revenue climbed 7 percent to $9.51 billion, short of analyst expectations for $9.56 billion.

Aetna says it now expects 2013 earnings to range between $5.50 and $5.60 per share, up from its previous forecast for at least $5.40. Analysts expected $5.53 per share.

Aetna Inc. is the third-largest commercial based on enrollment.

© 2013 The Associated Press. All rights reserved.

"Aetna 1Q profit slips 4 pct, boosts 2013 forecast." April 30th, 2013. http://phys.org/news/2013-04-aetna-1q-profit-pct-boosts.html