BETHESDA, Md. (AP) — Coventry Health Care's fourth-quarter earnings jumped 39 percent, as the health insurer's enrollment in Medicaid coverage and Medicare prescription drug plans helped counter rising costs.
The Bethesda, Md., company earned $119.3 million, or 88 cents per share, in the three months that ended Dec. 31. That compares to net income of $85.7 million, or 60 cents per share, in the final quarter of 2011. Revenue climbed 10 percent to about $3.45 billion.
Analysts surveyed by FactSet expected, on average, earnings of 67 cents per share on $3.53 billion in revenue.
Coventry's total membership climbed more than 12 percent to about 5.4 million people. The insurer's Medicaid enrollment jumped 41 percent to 974,000 compared to 2011.
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