Aetna Inc. (NYSE: AET) said Wednesday that its second-quarter profit rose to $536.7 million, or $1.39 a share, from $491 million, or $1.14 a share, in the year-ago quarter. The company said that operating earnings rose 16% to $522.8 million, or $1.35 a share. Revenue dropped to $8.34 billion from $8.55 billion. Analysts, on average, expected the company to report earnings of $1.07 a share on revenue of $8.31 billion.
"Aetna's second-quarter financial results reflect strong operating fundamentals across the enterprise," said Mark T. Bertolini, chairman, CEO and president. "Three main factors account for our success: disciplined pricing and medical cost management; lower than anticipated utilization of health care services by our members; and strong cash flow generation. The result has been better-than-projected financial results in the first half of 2011.
Looking ahead, the company boosted its fiscal 2011 guiance. The company said that it now expects full-year 2011 operating earnings per share of $4.60 to $4.70 versus its earlier range of $ 4.20 - $4.30.
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