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Coventry Health Care Ups View After 78% Net Drop

 

Friday, Jul 31,2009, 10:14:32 AM   Click:

LONDON (MarketWatch) -- Coventry Health Care (cvh) raised its earnings outlook for the year after reporting a 78% drop in second-quarter profit to $18.4 million, or 12 cents a share. Excluding goodwill impairment from First Health Services Corp., it would have earned 50 cents a share. Revenue rose 19% to $3.54 billion. For the year, it's lifting its adjusted earnings view to a range of $1.85 to $1.95 from a prior view of $1.70 to $1.90. Analysts polled by FactSet had expected a profit of 40 cents a share for the quarter and $1.81 for the year.

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