Health Net Q1 Profit Falls, Results Miss View - Quick Facts

(RTTNews) - Health Net Inc.'s (HNT) first-quarter 2014 GAAP net income dropped to $28.8 million, or $0.36 per share, from $50.1 million, or $0.62 per share, a year ago. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.42 for the quarter. Analysts' estimates typically exclude one-time items.

The company's Western Region Operations (Western Region) and Government Contracts segments produced combined net income of $31.3 million, or $0.39 per share, in the recent quarter, versus $50.1 million, or $0.62 per share, in the first quarter of 2013.

Health Net's quarterly total revenues of around $3.04 billion rose nearly 8.6 percent from the prior-year level of $2.8 billion. Nine analysts estimated revenues of $3.25 billion for the quarter.

The company said its first-quarter 2014 results include nearly $4.1 million, or $0.03 per share, in pretax expenses, related mainly to litigation costs.