UPDATE 2-Health Net results top forecasts, shares rise

Tue Nov 3, 2009 5:37pm GMT
 
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* Third-quarter adjusted profit beats forecasts by 6 cents

* Revenue rises 3.9 percent to $4 billion

* Plan enrollment falls 3.8 percent from a year ago

* Trims high end of full-year earnings estimate range

* Shares rise 4.07 percent to $15.85 on NYSE (Adds earnings details, analyst comments, share activity)

CHICAGO, Nov 3 (Reuters) - Regional health insurer Health Net Inc (HNT.N) reported adjusted quarterly earnings on Tuesday that beat expectations, helped by strong sales in the western United States and lower administrative costs.

The Los Angeles-based company reported a third-quarter net loss of $66 million, or 64 cents a share, compared with net income of $18.5 million, or 17 cents a share, a year earlier, largely due to charges related to the pending sale of its Northeast division to UnitedHealth Group Inc (UNH.N).

Excluding special items, Health Net reported earnings of $69.6 million, or 67 cents a share.

Analysts on average had expected earnings excluding items of 61 cents a share, according to Thomson Reuters I/B/E/S.   Continued...

 

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