Coventry Health Care Nearly Doubles Earnings Estimates (CVH)

Bethesda, Maryland based Coventry Health Care, Inc. CVH announced on Friday morning that it easily beat consensus Wall Street earnings estimates. Coventry Health Care, Inc. (CVH) reported that its 2nd quarter net earnings fell to $1 million, or 1 cent per share, down from $18.4 million, or 12 cents per share, a year earlier. Excluding special items, the company's earnings came in at $1.01 per share. Operating revenue came in at $2.87 billion, down from $3.5 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 52 cents per share, on revenue of $2.84 billion. The company forecast full year earnings of $1.72 to $1.87 per share, on consolidated revenue of $11.25 billion to $11.5 billion. “The outstanding second quarter fundamentals that Coventry reported today are a result of the sharper focus and execution that have returned to the organization with all seven of our core businesses performing at or above expectations,” said chairman and chief executive officer Allen F. Wise. “Our diversified portfolio of risk and fee-based businesses combined with a relentless emphasis on driving a low cost structure throughout the organization positions us well for continued success in the long term.” Coventry Health Care, Inc. closed at $18.85 per share the previous trading day. Analysts covering the company's stock give it a consensus price target of $25.70 per share. Read more from Benzinga's Company news.