Humana Inc. the healthcare provider reported the closure of its second-quarter for the year 2009 to be up by 34% from a year-earlier/2008, helped by growth from its Medicare Advantage membership plan.
The company repored a Net income of $281.8 million compared to net income of $209.9 million in 2008. Analysts had been expecting earnings per share of $1.66, according to data compiled by FactSet. Revenue rose 7.5% to $7.9 billion.
Medicare Advantage membership grew to 1.499 million as of June 30, up 12% from last year. Humana suffered a loss in membership for its stand-alone Prescription Drug Plan, however. Plan members fell 36% to 1.992 million from a year ago. The company said it lost low-income seniors to a competing plan.
"Our second quarter results confirm our 2009 financial performance is on track despite pressures from the overall economy," CEO Michael McCallister said in a prepared statement.