Health Net Inc. (HNT) announced a third quarter GAAP net loss of $66.0 million or $0.64 per share, compared to GAAP net income of $18.5 million or $0.17 per share in the year ago quarter.
Excluding the impact of the charges, net income in the third quarter of 2009 was $69.6 million, or $0.67 per share. Net income in the third quarter of 2008 was $37.8 million, or $0.35 per share, excluding the impact of a $17.1 million pretax charge related to the company's operations strategy and a $14.6 million pretax charge for impairment of the company's investments.
Total revenues increased 3.9% to approximately $4.0 billion from $3.8 billion in the third quarter of 2008.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share on revenues of $3.99 billion for the quarter. Analysts' estimates typically exclude special items.
Health Net now expects 2009 full-year GAAP earnings per share to be between $0.51 and $0.56.
The company lowered the top end of its earnings guidance range by $0.05 per diluted share due to anticipated health care cost pressures in the fourth quarter of 2009 from higher utilization due to the H1N1 flu virus and continued expansion of its COBRA membership. Therefore, the company now expects full-year 2009 earnings per share of $2.25 to $2.30, excluding the impact of charges. Earlier, the company expected full-year 2009 earnings per share to be in the range of $2.25 to $2.35 per share. Analysts expect the company to report earnings of $2.17 per share for fiscal 2009.
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