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Aetna Cuts Earnings Outlook As Net Drops 28%

 

Thursday, Jul 30,2009, 9:39:34 AM   Click:

LONDON (MarketWatch) -- Health insurer Aetna (aet) cut its earnings outlook for 2009 on higher-than-projected medical costs, as its second-quarter net income dropped 28% to $346.6 million, or 77 cents a share. Revenue rose 10% to $8.66 billion, while its operating earnings dropped 28% to 68 cents a share, on higher commercial medical costs and unfavorable reserve developments. It cut its 2009 operating earnings view to a range of $2.75 to $2.90 a share, from a previous estimate of $3.55 to $3.70. Analysts polled by FactSet had forecast quarterly earnings of 78 cents and annual earnings of $3.55.

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