WellPoint Reports Higher Earnings for Quarter, Half
WellPoint Health Networks Inc., a Woodland Hills managed health-care provider, reported higher second-quarter and first-half earnings, despite an unexpected increase in payments to some of its providers in June and membership growth in less profitable products.
In the quarter that ended June 30, WellPoint had net income of $49.7 million, a 32% increase from $37.6 million in profit a year earlier. Its revenue rose 15%, to $694.6 million from $604.6 million.
For the six months, the company earned $111.4 million, a 67% gain from its $63.8-million profit in the first half of 1993. Its revenue for the recent period was up 16%, to $1.38 billion from $1.19 billion.