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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;

Stock News for Coventry Hlth Care (CVH)
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10/04/201218:42:40WellCare, Humana, Coventry Win Medicaid Business in Kentucky
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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
04/21/201200:20:37MARKET SNAPSHOT: U.S. Stock Gains Hinge On Apple, Blue-chip Results

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