Coventry Health Care boosts earnings in 2Q

Daily Record Staff//July 29, 2011//

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Coventry Health Care Inc. of Bethesda, a managed health care organization, reported second-quarter net income of $224.5 million, or 1.51 per diluted share, on revenue of $3.03 billion, compared to net income of $1 million, or 1 cent per share, on revenue of $2.9 billion in the year-ago period.

The increase was primarily due to settlement of provider class action litigation in Louisiana, the company said. Excluding the settlement, second-quarter earnings were $123.3 million, or 83 cents per diluted share.

The adjusted results beat the estimates of analysts surveyed by Thomson Reuters, who on average expected the company to earn 76 cents per share on revenue of $3.01 billion.

Tags: litigation, diluted share, Bethesda, net income, revenue, thomson reuters, second quarter

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