News Summary: Aetna profit slips, forecast rises

News Summary: Aetna's 1st-quarter profit slips 4 percent, health insurer raises 2013 forecast

By The Associated Press | Associated Press – Wed, May 1, 2013 1:22 AM SGT

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THE NUMBERS: Health insurer Aetna Inc. said Tuesday its first-quarter net income fell 4 percent as acquisition-related costs and rising health care expenses more than offset premium gains. The insurer earned $490.1 million, or $1.48 per share. Operating revenue climbed 7 percent to $9.51 billion.

THE EXPECTATIONS: Adjusted earnings totaled $1.50 per share. Analysts forecast, on average, earnings of $1.38 per share on $9.56 billion in revenue, according to FactSet.

HIGHER FORECAST: Aetna now expects 2013 earnings to range between $5.50 and $5.60 per share, up from its previous forecast for at least $5.40. Analysts expected $5.53 per share.

 
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