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Coventry Health 2Q Profit Surges On Fewer Litigation Impacts

DOW JONES NEWSWIRES Coventry Health Care Inc.'s (CVH) second-quarter earnings soared amid fewer litigation-related impacts as the managed-care company reported stronger revenue, though the portion of premiums that went to pay medical costs continued to rise. The health-care industry had been benefiting from consumers lighter use of fewer health-care products and services amid concerns about a sluggish economy and high unemployment. Coventry in the first-quarter had reported a slight increase in the portion of premiums used to cover medical costs. In the latest quarter, Coventry's medical-expense ratio, or the percentage of premium revenue used to pay patient bills, was up at 82.1% from 79.1% a year earlier and but lower than 82.6% in the first quarter. Coventry reported a profit of $224.5 million, or $1.51 a share, down from $1 million, or a penny a share, a year earlier. Excluding items, litigation-related adjustments, earnings fell to 83 cents from $1.01. Revenue increased 5.8% to $3.03 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 76 cents on revenue of $3.01 billion. Total membership declined 6.7% to 4.6 million as of June 30 from 4.9 million a year earlier. Shares closed Thursday at $34.67 and were inactive premarket. The stock is up 84% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Coventry Hlth Care (CVH)
DateTimeHeadline
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02/12/201310:20:11Coventry Gets Kentucky Medicaid Rate Increase
02/12/201310:10:09Coventry Gets Kentucky Medicaid Rate Increase; Aetna, WellCare...
12/11/201218:10:10Aetna Sees Higher Sales, Operating Earnings In 2013
11/13/201215:10:47Aetna, Coventry to Tweak Agreement to Resolve Some Lawsuits
11/09/201210:12:56Aetna, Coventry Get Second Request in Antitrust Review
10/26/201207:28:15Coventry Health 3rd-Quarter Net Falls 14% on Higher Patient Bills
10/10/201213:31:05Walgreen Signs New Limited Network Deals for Medicare Plans
10/04/201218:42:40WellCare, Humana, Coventry Win Medicaid Business in Kentucky
09/28/201212:40:10Amerigroup to Sell Va. Unit amid WellPoint Deal
08/27/201217:38:17Ohio Chooses Insurers Including Aetna, Molina to Cover 'Dual-Eligible...
08/23/201218:00:07U.S. Extends Review of WellPoint, Amerigroup Deal
08/23/201217:41:37WellPoint, Amerigroup Get Second Request in Antitrust Review
08/20/201217:10:05Aetna to Buy Coventry Health
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06/28/201217:22:50Big Health Insurers Under Pressure After Court Ruling
06/07/201218:48:14Molina, Centene Win Back Ohio Medicaid Business After Protests
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