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UnitedHealth 2Q profit falls on charges, tops view
posted 7:03 am Tue July 22, 2008 - MINNEAPOLIS
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Managed care provider UnitedHealth Group has reported a sharp drop in second-quarter profit, due to hefty lawsuit settlements, but adjusted results topped Wall Street expectations.The Minneapolis-based health insurer also reaffirmed its outlook for the full year.
UnitedHealth Group Inc. s net income fell to $337 million, or 27 cents per share, from $1.23 billion, or 93 cents per share, a year ago. Excluding charges for lawsuits and severance, the company earned 67 cents per share in the latest period.
Revenue rose 7 percent to $20.27 billion from $19 billion a year earlier.
Analysts surveyed by Thomson Financial expected adjusted profit of 64 cents per share on revenue of $20.04 billion.
Revenue rose 7 percent to $20.27 billion from $19 billion a year earlier.
Analysts surveyed by Thomson Financial expected adjusted profit of 64 cents per share on revenue of $20.04 billion.
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