Health Net Swings To Loss, Hurt By Charges

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MarketWatch

February 3, 2010 Wednesday 8:43 AM EST

LENGTH: 161 words

HEADLINE: Health Net swings to loss, hurt by charges

BYLINE: Michelle Donley

BOSTON (MarketWatch) — Health Net Inc. (HNT) said Wednesday that it swung to a loss of $45.2 million, or 43 cents a share, in the quarter ended Dec. 31, compared with a profit of $35.5 million, or 34 cents a share, for the same period a year ago. Revenue for the Woodland Hills, Calif.-based health insurer were $3.8 billion versus last year’s $3.87 billion. On an adjusted basis, earnings in the latest period were 69 cents a share. Analysts polled by FactSet Research had forecast earnings of 68 cents a share for the quarter, on revenue of $3.9 billion. The company raised its 2010 profit forecast to a range of $1.92 to $2.02 a share from its previous view of $1.90 to $2.00 a share. On an adjusted basis, guidance was hiked to $2.32 to $2.42 a share from $2.30 to $2.40 a share. The FactSet estimate is for earnings of $2.12 a share.

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