Coventry Health Care Reports 13% Increase In Q1 Net Income

Coventry Health Care Inc CVH reported a 13% rise in its first-quarter net income. The company's Q1 earnings increased to $110.2 million, or $0.74 per share, from $97.3 million, or $0.66 per share, in the year-ago quarter. The company's revenue rose to $3.04 billion, from $2.86 billion. However, analysts by were expecting earnings of $0.53 per share on revenue of $3.04 billion. Coventry projects 2011 earnings of $2.65 to $2.85 per share on revenue of $11.68 billion to $12.1 billion. However, analysts expected earnings of $2.85 per share on revenue of $12.13 billion. CVH shares gained 2.08% to close at $34.36 yesterday. Read more from Benzinga's Company news.