Advertisement

PacifiCare’s Net Income Climbs in Quarter on Higher Premiums

Share via
Times Staff Writer

Higher premiums helped generate a profitable quarter for PacifiCare Health Systems Inc., the company said Thursday.

Net income for the second quarter was $76 million, or 80 cents a share, compared with $73 million, or 96 cents, in the same period a year ago. Per-share results were adjusted to reflect a two-for-one stock split in January. The results beat Wall Street expectations by 2 cents.

Last year’s second-quarter results included an after-tax gain of $8.7 million, or 11 cents a share, from changes in estimates of healthcare costs for 2002 and prior periods.

Advertisement

Revenue for the quarter was $3 billion, up 12% from a year earlier.

Cypress-based PacifiCare reported its earnings after the market closed Thursday.

Its stock climbed $2.97 to $33.93 on the New York Stock Exchange before sliding 55 cents in after-hours trading.

Reuters was used in compiling this report.

Advertisement