Health Net (NYSE: HNT) Earnings Q1 2011

 



View Health Net's (NYSE: HNT) Q1 Earnings Report


Highlights:

  • The company suffered a $108 million net loss over Q1 2011, a loss of $1.16 per share, largely due a $177 million pretax litigation-related charge and $11 million in pretax expenses related to the company’s administrative cost reduction efforts. This expense decreased the company's Q1 net income per diluted share by $1.69
  • Q1 revenues were $3.5 billion, up 3 percent from Q1 2010
  • The company repurchased 4.9 million shares from Jan. 1 through April 29 for $149.8 million
  • The company's medical care ratio for health plan services declined 10 basis points  to 87 percent during Q1, compared to 87.5 percent in Q1 2010. Its commercial medical care ratio dropped 60 basis points to 85.7 percent

Notable quote: "We are currently party to various putative class action lawsuits filed in federal and state courts in connection with our announcement that certain server drives containing protected health information or personally identifying information of certain individuals are unaccounted for in connection with the migration of our data center ... The costs associated with any settlement of or judgment ... could be substantial and, in certain cases, could result in a significant earnings charge in any particular quarter."

For more information:
- Read the company's 10-Q report filed with the SEC
- Read this company press release
- Check out Health Net's current earnings estimates on CNN Money
- See how HNT is performing right now
- Health Net's website: www.healthnet.com

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