Palm Beach, FL 5/3/12 (StreetBeat) -- Health Net Inc (Nasdaq: HNT) posted an adjusted profit below analysts' expectations as insurance claims spilled over from the previous quarter, prompting the insurer to cut its full-year forecast.The company now expects a full-year profit of $2.35 to $2.50 per share for its combined Western Region and Government Contracts segments, compared with its earlier forecast of $3.30 to $3.40 per share.
Health Net took a charge in the first quarter from the sale of its Medicare Prescription Drug Plan business to a unit of CVS Caremark Corp.
The company posted a net loss of $26.6 million, or 32 cents per share, compared with a net loss of $108.2 million, or $1.16 per share, a year ago.
Excluding charges from delayed claims and discontinued operations, the company earned 22 cents per share.
Analysts on an average were expecting a profit of 60 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell 16 percent to $2.83 billion for the quarter.
Shares of the Woodland Hills, California-based company, which have lost about 6 percent in the last three months, fell about 19 percent before the bell. They closed at $36.32 on Wednesday on Nasdaq.
Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.
StreetBeat Disclaimer
No comments:
Post a Comment