S&P 500 (NYSE:SPY) component CIGNA Corporation (NYSE:CI) reported net income above Wall Street’s expectations for the first quarter. Cigna Corporation’s subsidiaries provide health care and related benefits, including health care products and services, group disability, life and accident insurance.
CIGNA Earnings Cheat Sheet for the First Quarter
Results: Net income for the health care plans company rose to $429 million ($1.57/share) vs. $283 million ($1.02/share) in the same quarter a year earlier. A rise of 51.6% from the year earlier quarter.
Revenue: Rose 4% to $5.41 billion YoY.
Actual vs. Wall St. Expectations: CI beat the mean analyst estimate of $1.09/share. Estimates ranged from 96 cents per share to $1.20 per share.
Quoting Management: “Our first quarter results represent a strong start towards achieving our full year 2011 goals, with good revenue growth and strong earnings contributions from each of our ongoing businesses,” said David M. Cordani, President and Chief Executive Officer of CIGNA Corporation. “These results reflect continued effective execution of our strategy for the benefit of our customers, health care partners and shareholders.”
The company has now seen net income rise in two-straight quarters. In the fourth quarter of the last fiscal year, net income rose 39.7% from the year earlier.
Competitors to Watch: Humana Inc. (NYSE:HUM), WellPoint, Inc. (NYSE:WLP), Aetna Inc. (NYSE:AET), UnitedHealth Group Inc. (NYSE:UNH), Health Net, Inc. (NYSE:HNT), Universal American Corp. (NYSE:UAM), HealthSpring, Inc (NYSE:HS), Molina Healthcare, Inc. (NYSE:MOH), Coventry Health Care, Inc. (NYSE:CVH), and WellCare Health Plans, Inc. (NYSE:WCG)
Stock Performance: Shares of CI are trading up 2.35% from the previous close.