Health Net Swings To $80 Million Profit (HNT)

Woodland Hills, California-based Health Net Inc. HNT on Tuesday morning released financial results. Health Net Inc reported that it swung to a 4th quarter profit, with net income of $80.4 million, or 83 cents per share, compared to a net loss of $45.2 million, or 43 cents per share, a year earlier. Health Net Inc reported revenue of $3.37 billion, down from $3.39 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 78 cents per share, on revenue of $3.36 billion. CEO Jay Gellert said, “With a successful 2010 behind us, our goal is to achieve further improvement in 2011. We believe we have had the best open enrollment commercial selling season in many years, and this supports our view that we will achieve commercial enrollment growth in 2011." Health Net Inc. (HNT) ended the previous trading session at $28.53 per share. Analysts covering the company's stock have a consensus price target of $31.62 per share. Health Net Inc is a publicly traded managed care organization that delivers managed health care services through health plans and government-sponsored managed care plans, with a mission to help people be healthy, secure and comfortable. Read more from Benzinga's Company news.