WASHINGTON (dpa-AFX) - Health insurer Cigna Corp. (CI) Thursday reported a decline in the third-quarter profit, despite 9 percent growth in revenues. Earnings per share, however, increased from last year. The company lifted its adjusted earnings per share outlook for full year 2014.
For the third quarter, shareholders' net income declined to $534 million from $553 million in the previous year. Earnings per share were $2.01, up from $1.95 per share in the year-ago quarter.
On an adjusted basis, earnings were $1.95 per share, while the firm posted $1.89 per share last year.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $1.83 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 9 percent to $8.76 billion from $8.07 billion in the preceding year. Wall Street expected revenues of $8.66 billion for the quarter.
Premiums and fees climbed to $7.79 billion from $7.21 billion last year.
At the end of the period, Global Medical customers, excluding Limited Benefits, were 14,346, up from 14,138 in the prior year.
David Cordani, president and chief executive officer said, 'We continue to execute well in established growth markets and invest strategically to position ourselves for success in emerging marketplaces, which provide us with a strong foundation to drive long-term growth.'
For full-year 2014, the company now expects adjusted income from operations to be in the range of $1.95 billion to $2.00 billion or $7.25 to $7.45 per share. Analysts expect annual earnings of $7.35 per share.
In July, the company forecast adjusted income from operations to be in the range of $1.94 billion to $2.0 billion, or $7.20 to $7.40 per share for fiscal 2014.
The firm sees Global Medical Customer growth, excluding Limited benefits of 1 to 2 percent.
CI closed Wednesday's trading at $94, up 1.53 percent.
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