Humana Profits Climb 32 Percent
LOUISVILLE, Ky. (AP) _ Humana Inc.’s profit climbed 32 percent in the fourth quarter, slightly beating Wall Street expectations.
The managed health care insurer said Monday it earned $35.1 million, or 21 cents a share, in the last three months of 2001, up from $26.5 million, or 16 cents a share, a year ago.
Analysts surveyed by Thomson Financial/First Call were looking for earnings of about 20 cents a share in the latest quarter.
Revenue in the fourth quarter of 2001 rose to $2.62 billion from $2.57 billion in the last quarter of 2000.
For the year, Humana earned $117.2 million, or 70 cents per share, up from $90.1 million, or 54 cents a share, a year earlier. Revenue for the year fell to $10.19 billion from $10.60 billion in 2000.
Despite the drop in revenues, Humana said its medical membership increased to 6.4 million members, from 5.2 million at the end of 2000.
``We’re pleased that our financial results are clearly demonstrating how the commitment to adding value for our customers also can translate into improved value for our shareholders,″ said Michael B. McCallister, Humana president and chief executive.
Shares of Humana were down 28 cents at $12.60 a share Monday morning on the New York Stock Exchange.
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