Cigna Q2 Profit Rises; Lifts FY13 Adj. Profit View - Quick Facts

(RTTNews) - Cigna Corp. (CI) reported shareholders' net income of $505 million or $1.76 per share, for the second quarter of 2013, up from $380 million, or $1.31 per share, for the second quarter of 2012.

Shareholders' net income for the second quarter of 2013 included a special item, which was a loss of $24 million after-tax, or $0.08 per share, related to transaction costs associated with our previously announced pharmacy benefits arrangement with Catamaran. Shareholders' net income for the second quarter of 2012 included losses of $51 million, or $0.17 per share, related to the Guaranteed Minimum Income Benefits or GMIB business.

Adjusted income from operations for the second quarter of 2013 was $512 million, or $1.78 per share, compared with $434 million, or $1.49 per share, for the second quarter of 2012. These second quarter results include strong revenue growth and favorable medical costs and operating expenses. Analysts polled by Thomson Reuters expected the company to report earnings of $1.60 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose to $7.98 billion from $7.42 billion in the prior year quarter. Eleven analysts had consensus revenue estimate of $7.38 billion for the quarter.

The company increased its outlook for full year 2013 consolidated adjusted income from operations to be in the range of $1.8 billion to $1.9 billion, or $6.25 to $6.65 per share from the prior estimate of $1.735 billion - $1.865 billion, or $6.00 - $6.45 per share. Analysts expect the company to report earnings of $6.49 per share for fiscal 2013.