【how much does a pack of newports cost】Insurer Cigna's 1Q profit, 2014 forecast climb
BLOOMFIELD,how much does a pack of newports cost Conn. (AP) -- Cigna's first-quarter earnings soared compared with last year when the health insurer paid heavily to exit a couple businesses that had dragged on its profitability.
But it still topped profit and revenue expectations when adjusted for one-time events, and it raised its outlook for the year.
The Bloomfield company recorded $558 million in after-tax charges in the same quarter last year. Most of that was tied to a deal with Warren Buffett's Berkshire Hathaway Inc. to provide reinsurance for its guaranteed minimum income benefits and variable annuity death benefits businesses.
While Cigna discontinued both businesses in 2000, they could still do damage when the market turned sour as Cigna's liabilities toward them would increase. The deal kept the businesses on Cigna's balance sheet, but the company no longer counts the profit or loss on its quarterly income statements.
Cigna Corp. is the nation's fourth largest health insurer based on enrollment. In this year's first quarter, it earned $528 million, or $1.92 per share. That compares with $57 million, or 20 cents per share, last year.
Adjusted earnings totaled $1.83 per share, easily surpassing the $1.54 per share that analysts had banked on.
Revenue climbed 3.8 percent to $8.5 billion, also better than the $8.43 billion analysts had expected, according to a poll by FactSet.
Cigna said Thursday that it now expects to earn between $7.05 and $7.35 per share in 2014. That's up from the forecast it made in February for earnings between $6.80 and $7.20 per share.
Analysts forecast earnings of $7.14 per share.
View comments
(责任编辑:Leisure)
- ·Upstate New York could be getting a Soho House
- ·1st Capital Bank Announces Appointment of Phil Morreale as SVP, Managing Director in San Luis Obispo
- ·Should You Be Concerned About Shougang Concord Grand (Group) Limited’s (HKG:730) Historical Volatility?
- ·Dow Claws Back into the Green, But Apple Shares Plunge in After-Market Trading
- ·Waste Management (WM) Beats Q3 Earnings & Revenue Estimates
- ·A More Inclusive Language
- ·Fatalities on commercial passenger aircraft rise in 2018
- ·CSX Stock Rallies 12.9% in 2018: Will the Momentum Continue?
- ·ICEsoft To Host Investor Call To Present Q3 Financial Results And To Provide A General Business Update
- ·BRIEF-Suzhou Longjie Special Fiber Sets Pricing For Its Shanghai IPO
- ·What Does Success Look Like for a Climate Czar?
- ·BRIEF-Chinasoft International Says A Trustee Purchased 2.3 Mln Shares At HK$3.74 Per Share
- ·Insurer Cigna's 1Q profit, 2014 forecast climb
- ·Who are the winners and losers in India’s Budget 2019?
- ·Ethereum decentralized exchange monthly volumes hit all-time-high
- ·Connecticut's Fiscal Problems Require a Full-Court Press
- ·Ban Hammer Remains: South Korea’s Financial Services Commission Refuses to Lift ICO Ban
- ·A New Look at Energy Infrastructure
- ·A Trio of Strong Performers to Consider
- ·Gold Jumps on Safe-Haven Demand, Drop in Saudi Exports Boosts Crude, Weather Woes Weigh on Natural Gas