Coventry Health Care, Bethesda, Md., reported a 73% increase in second-quarter profits and cited higher membership and premiums. Net income reached $63.4 million, or $1.05 per share, compared with $36.6 million, or 60 cents per share, in the year-ago quarter. Operating revenue rose 23% to $1.1 billion as enrollment climbed 12% to 2.15 million members. Coventry raised its 2003 earnings outlook to between $3.95 per share and $4 per share, from an April estimate of $3.40 per share to $3.50 per share. Coventry said earlier this month that it plans to acquire 160,000-member Altius Health Plans, South Jordan, Utah, in a transaction expected to close in the third quarter. -- by Laura B. Benko
Coventry posts big growth in profits, membership
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