Health Net Q2 Profit Plunges On Lack Of Prior-year Gain, Cuts Full Year EPS View

(RTTNews) - Health Net, Inc. (HNT) Thursday said second-quarter net income plunged to $33.48 million from $124.61 million. Earnings per share fell to $0.42 from $1.48.

In the second quarter of 2012, the company recorded a $119.4 million net gain, or $1.42 per share, from the sale of the Medicare PDP business.

Income from continuing operations surged to $0.42 from $0.06.

On average, 15 analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues slipped to $2.738 billion from $2.841 billion in the prior year. Analysts expected revenues of $2.74 billion.

For 2003, the company expects GAAP earnings per share of $2.10 to $2.20, compared to the previous forecast of $2.20 to $2.30 per share.

Consolidated revenues are expected to be $10.7 billion to $11.2 billion.

Analysts expect earnings of $2.25 per share on revenues of $11.12 billion.