PacifiCare Cuts Forecast for Quarter and Year
Bloomberg News
PacifiCare Health Systems Inc. cut its second-quarter profit forecast to 85 cents to 88 cents because of higher interest costs and other expenses related to selling $500 million in debt.
PacifiCare, the biggest U.S. operator of Medicare health plans, had forecast profit of 90 cents to 93 cents a share for the quarter.
The Santa Ana-based company also set its full-year profit expectations at $3.37 to $3.47, down from its previous estimate of $3.55 to $3.65.
Analysts on average were expecting PacifiCare to earn 84 cents in the quarter and $3.39 for the year, according to Thomson Financial/First Call.
Shares of PacifiCare fell 5 cents to $28.70 on Nasdaq before the announcement, which was made after U.S. markets closed.
