Health Net Reports Higher Earnings, Issues Warning
Woodland Hills-based Health Net on Monday reported increased first-quarter earnings and revenue, despite a decline in membership, Los Angeles Business reports.
Earnings increased to $88.6 million, or 77 cents per share, from $76.6 million, or 65 cents per share, in the first quarter of 2006. Revenue increased to $3.43 billion from $3.19 billion.
For the quarter, membership declined by about 74,000 to 3.3 million (Los Angeles Business, 4/30).
The company said that it expects a profit of $3.65 per share for the full year, above analysts' expectations of $3.64 per share. However, Health Net said that profit in the second quarter would fall below expectations (AP/Houston Chronicle, 4/30).