Coventry Health Care Inc. (CVH) reported that its first-quarter net earnings decreased to $135.37 million or $1.00 per share, from $170.72 million or $1.20 per share in the same quarter last year.
First quarter earnings increased by 61% from the prior year quarter excluding the $0.58 one-time impact from the previously disclosed Medicare Advantage Risk Adjustment Data Validation or RADV prior period reserve release during the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.82 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter declined to $3.52 billion from $3.69 billion in the prior year quarter. Eight analysts had consensus revenue estimate of $3.71 billion for the quarter.
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