Shares of health benefits company

Humana

(HUM) - Get Report

were falling after it reported a profit decline due to restructuring charges. The company also edged off existing second-quarter earnings estimates.

The company earned $31.2 million, or 19 cents a share, compared with $46.8 million, or 28 cents a share, in the year-ago period.

Excluding some charges, the company earned $50 million, or 31 cents a share, matching analyst expectations.

Revenue was $2.93 billion, up from last year's $2.73 billion. Medical membership was 6.6 million, from 6.5 million, the company said.

In the second quarter, the company expects to earn 28 cents or 29 cents a share. Analysts expect 30 cents a share and the company earned 27 cents a share in the second quarter of 2002.

Looking to 2003, the company expects EPS of $1.37 to $1.43, excluding items, on revenue of $12 billion. Analysts expect $1.38 a share, on average. Including items, the company expects to earn $1.25 to $1.31 a share. The company earned $1.20 in 2002.

Shares of the Louisville, Ky.-based Humana were falling 7.14% to $9.75 in midmorning trading.