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Humana posts big drop in 4Q earnings

Mon, 02/07/2011 - 1:45am
The Associated Press

Health insurer Humana Inc. is reporting a 57 percent drop in fourth-quarter earnings due partly to expenses associated with its Medicare Advantage plan and the start of a prescription drug offering in which it's partners with Wal-Mart.

The company said Monday that it had $1.02 per share of expenses, including transaction costs associated with its purchase of health care company Concentra Inc.

Humana earned $107.3 million in net income, or 63 cents per share, down from $250.7 million, or $1.48 per share, a year earlier. Revenue rose 9.1 percent to just over $8 billion.

Analysts were expecting 73 cents per share on revenue of $8.39 billion, according to FactSet.

Humana says enrollment for its lucrative Medicare Advantage business rose 17 percent to 1.76 million.

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