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News > Companies
Humana profits up 32%
July 30, 2001: 7:16 a.m. ET

Managed care company boost profits via cost-cutting, meeting forecasts
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NEW YORK (CNNfn) - Humana Inc. reported a 32 percent jump in second quarter earnings Monday, matching Wall Street forecasts, as the managed care company imposed strict cost controls that helped offset declining revenue.

Louisville, Ky.-based Humana (HUM: Research, Estimates) reported net income of $25 million, or 15 cents a share, up from $19 million, or 11 cents a share, a year earlier. Analysts on average anticipated a profit of 15 cents a share, according to earnings tracker First Call.

Revenue fell to $2.5 billion from $2.7 billion, partly due to the company's exit from certain "non-core" lines of business. CEO Michael McCallister said improved product design and technology helped the company meet analysts' profit estimates in the quarter.

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Commercial and government segment revenue declined in the quarter, though revenue from Medicare and the company's Tricare senior pharmacy program grew.

Humana shares ended down 17 cents at $9.30 Friday. graphic

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