Aetna Reports Q1 Profit of $586 million, Buys Prodigy Health Group

Aetna Inc AET on Thursday released its results for the first quarter. AET reported its Q1 profit at $586 million, or $1.50 per share, up from $562.6 million, or $1.28 per share, in the year-ago period. The company's operating earnings increased to $1.43 per share from $0.98 per share. The latest quarter results include a $0.29 per share gain from a favorable prior-period reserve development. However, analysts were expecting earnings of $0.97 per share. The company's total revenue dropped to $8.39 billion from $8.62 billion. AET now expects full-year 2011 adjusted earnings of $4.20 to $4.30 per share. The company also announced its plans to buy Prodigy Health Group for $600 million. AET shares gained 0.10% to $39.85 in pre-market trading. Read more from Benzinga's Company news.