BLOOMFIELD, Conn. (AP) - Cigna Corp. on Thursday reported first quarter net income of $1.37 billion.
The Bloomfield, Connecticut-based company said it had profit of $3.56 per share. Earnings, adjusted for non-recurring costs and amortization costs, came to $3.90 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.74 per share.
The health insurer posted revenue of $37.95 billion in the period. Its adjusted revenue was $33.43 billion, which did not meet Street forecasts. Seven analysts surveyed by Zacks expected $33.94 billion.
Cigna expects full-year earnings in the range of $16.25 to $16.65 per share, with revenue in the range of $132.5 billion to $134.5 billion.
Cigna shares have declined 15% since the beginning of the year, while the Standard & Poor’s 500 index has increased 17%. The stock has fallen slightly more than 5% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CI at https://www.zacks.com/ap/CI
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