Coventry Health Care Profits More Than Double To $190 Million (CVH)

Coventry Health Care, Inc. CVH released financial results on Friday morning that beat Wall Street earnings estimates. Coventry Health Care, Inc announced that its 3rd quarter net earnings climbed to $189.9 million, or $1.29 per share, up from $70.6 million, or 48 cents per share, a year earlier. Excluding special items, the company reported earnings of $1.24 per share. Revenue fell to $2.84 billion, down from $3.44 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 67 cents per share, on revenue of $2.85 billion. Chairman and chief executive officer Allen F. Wise said, “I am pleased with the fundamental performance of our businesses which will serve as a foundation to successfully compete in a changing landscape. In addition, our two recent acquisitions are off to a good start both operationally and financially and more importantly we are collaborating with creative hospital systems to create products and models to better care for our members and their patients.” Coventry Health Care, Inc. (CVH) finished the previous trading day at $23.48 per share. The consensus price target of analysts covering the company's stock is $26.75 per share. Read more from Benzinga's Company news.