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Aetna 1Q beats forecasts
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April 28, 1999: 7:56 a.m. ET
Life, health insurance operations boost results 7 cents-share above consensus
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NEW YORK (CNNfn) - Aetna Inc. Wednesday reported better-than-expected first-quarter profits on strength in its life and health insurance operations.
The nation's third-biggest publicly traded life and health insurer said its earnings from operations in the quarter were $168 million, or $1.08 a diluted share, up from $147 million, or 90 cents a share, a year earlier. The results exceeded the $1.01 a share consensus of analysts surveyed by First Call, which tracks profit estimates.
Including capital gains and other items, net income rose 7 percent to $179 million, or $1.16 a diluted share, from $167.5 million, or $1.05 a share, a year earlier.
Revenue rose 23 percent to $5.70 billion from $4.63 billion.
Earnings rose 33 percent in Aetna's U.S. Healthcare health insurance business, 30 percent in its retirement services operation and 22 percent in international operations, the company said. The segment results exclude Year 2000 costs and other one-time items.
Aetna (AET) stock fell 3/16 to 81-7/8 Tuesday.
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Aetna
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