Aetna Inc. (AET) announced that it has completed its acquisition of Coventry Health Care, Inc., a diversified managed health care company based in Bethesda, Md.
Aetna agreed in August 2012 to acquire Coventry Health Care for $7.3 billion, including assumption of debt.
Aetna now projects full-year 2013 operating earnings per share of $5.70 to $5.85, an increase of $0.20 to $0.25 per share due to the completion of the Coventry acquisition. Aetna's previous projection was $5.50 to $5.60 of operating earnings per share. Analysts polled by Thomson Reuters expect the company to report earnings of $5.58 per share for fiscal 2013. Analysts' estimates typically exclude special items.
The company said that the projected operating earnings per share excluded from net income net realized capital gains of $19.3 million and transaction and integration-related costs of $24.6 million, reported by Aetna for the first-quarter ended March 31, 2013. Projected operating earnings per share also excluded from net income any future net realized capital gains and losses and other items, if any, that neither relate to the ordinary course of our business nor reflect our underlying business performance. Projected operating earnings per share also excluded projected transaction and integration-related costs related to the Coventry acquisition.
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