Health Net Profit Rises

The second quarter falls short of estimates.
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Health Net

(HNT)

said its earnings for the second quarter rose 43.8% from the year-ago period, helped by an increase in enrollment.

The Woodland Hills, Calif.-based health care insurance payer company earned $77 million, or 65 cents a share, compared with $53.6 million, or 47 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 66 cents a share in the most recent quarter.

Second-quarter revenue rose 8.2% from a year ago to $3.27 billion as against analysts' expectation of $3.3 billion.

The company anticipates earnings of $3.00 to $3.05 a share for the full year as compared with analysts' expectations of $3.02.

"We are pleased to see that our progress continues with all parts of our diverse businesses showing strength. It is especially gratifying to report a turnaround in our health plan enrollment and we are on track to meet our full-year expectations," the company said.

The company's stock were trading at $43.70, down $1.1, or 2.5% Thursday.

This story was created through a joint venture between TheStreet.com and IRIS.