PacifiCare’s Net Income Climbs in Quarter on Higher Premiums
Higher premiums helped generate a profitable quarter for PacifiCare Health Systems Inc., the company said Thursday.
Net income for the second quarter was $76 million, or 80 cents a share, compared with $73 million, or 96 cents, in the same period a year ago. Per-share results were adjusted to reflect a two-for-one stock split in January. The results beat Wall Street expectations by 2 cents.
Last year’s second-quarter results included an after-tax gain of $8.7 million, or 11 cents a share, from changes in estimates of healthcare costs for 2002 and prior periods.
Revenue for the quarter was $3 billion, up 12% from a year earlier.
Cypress-based PacifiCare reported its earnings after the market closed Thursday.
Its stock climbed $2.97 to $33.93 on the New York Stock Exchange before sliding 55 cents in after-hours trading.
Reuters was used in compiling this report.
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