(Source: Associated Press/AP Online)
NEW YORK - Health insurer Humana Inc. says its third-quarter profit rose 65 percent on a boost from government programs, with Medicare Advantage leading the way.
The company earned $301.6 million, or $1.78 per share, up from profit of $183 million, or $1.09 per share, a year prior. Revenue jumped 8 percent to $7.72 billion.
Analysts polled by Thomson Reuters expected profit of $1.77 on $7.82 billion in revenue.
An 11 percent boost in Medicare Advantage membership, coupled with new premiums lifted revenue as the commercial segment continues to slide because of unemployment and a weak economy.
Humana still expects full-year profit of $6.15 per share, while analysts forecast $6.14 per share in profit.
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