Aetna Beats EPS Estimates By 17 Cents (AET)

Aetna Inc. AET on Wednesday morning released financial results that beat Wall Street earnings expectations. Aetna Inc reported that its 3rd quarter net income rose to $497.6 million, or $1.19 per share, up from $326.2 million, or 73 cents per share, a year earlier. Excluding special items, the company earned 84 cents per share. Revenue fell to $8.46 billion, down from $8.7 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 67 cents per share, on revenue of $8.47 billion. Chairman and CEO Ronald A. Williams said, “Aetna's third-quarter results reinforce our significant performance improvement in 2010 after an unusually weak 2009. Our strong operating results were driven by a reduction in utilization of health care services after the surge we saw in 2009, combined with appropriate pricing and effective medical quality and cost management. Going forward, Aetna is focused on creating value for customers with innovative products and services that drive cost transparency and member engagement while improving quality.” Aetna Inc. (AET) ended the previous trading session at $29.97 per share. Analysts covering the company's stock have a consensus price target of $35.83 per share. Read more from Benzinga's Company news.