PacifiCare Health Systems Reports 31% Increase in Third-Quarter Earnings
California-based PacifiCare Health Systems reported third-quarter net income of $88.2 million, a 31% increase from $67.5 million in the same period last year, the Wall Street Journal reports. Per-share earnings increased by 9.3% to 94 cents from 86 cents on more shares outstanding in the third quarter.
The company also raised its fiscal year 2004 earnings forecast to $3.15 per share to $3.20 per share, from $3.07 to $3.17 per share (Wall Street Journal, 11/4).
Long Beach-based health insurer Molina Healthcare on Wednesday announced third-quarter net income of $16.4 million, or 59 cents per share, a 40% increase from $11.7 million, or 46 cents per share, Bloomberg/Los Angeles Times reports. A previously disclosed tax benefit of two cents per share contributed to increased third-quarter earnings. Third-quarter revenue increased by 67% to $330.8 million from $197.5 million a year earlier.
Molina had 2.1 million fewer shares outstanding in the third quarter of 2003 (Bloomberg/Los Angeles Times, 11/4).