PacifiCare Posts 33% Gain in 2nd Quarter
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PacifiCare Health Systems Inc., the biggest supplier of Medicare health plans in the U.S., said second-quarter earnings rose 33% from a year ago on improved pricing and cost controls.
Santa Ana-based PacifiCare posted a net profit of $20.3 million, or 56 cents a share, compared with $15.3 million, or 45 cents, a year earlier.
Sales fell 7% to $2.77 billion.
Excluding charges, the company reported income of $31.8 million, or 88 cents a share, beating estimates by 8 cents.
Shares of PacifiCare closed up 94 cents at $24.60 on Nasdaq. Results were released after the markets closed.
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