LOS ANGELES (AP) — Insurer Health Net Inc. said Friday its profit decreased 25 percent in the fourth quarter under new terms of a contract with the U.S. military's TriCare health program.
Health Net said its profit fell to $60.2 million, or 71 cents per share, from $80.4 million, or 83 cents per share. Excluding costs related to its Northeast business, which it sold in 2009, Health Net said it earned 90 cents per share in profit from its Western and government business. Revenue fell 17 percent, to $2.81 billion from $3.37 billion.
Analysts expected the company to report a profit of 89 cents per share and $2.78 billion in revenue, according to FactSet.
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