Health Net Inc. on Thursday posted significantly higher third quarter earnings, boosted by a favorable reimburse-ent adjustment from the state of California.
The Woodland Hills insurer reported net income of $66.8 million (83 cents a share), compared with $18 million (22 cents) for the same period a year earlier. Revenue grew 1 percent to $2.6 billion. Analysts had expected profit 59 cents a share on revenue of $2.72 billion.
The company said the results were helped by higher Medi-Cal compensation rates from the Department of Health Care Services. But Chief Executive Jay Gellert warned that earnings next year are likely to be unchanged, falling short of analysts’ projections.
Shares closed down $1.97, or 6.7 percent to $27.60, on the New York Stock Exchange.
Air Lease Corp. reported better than expected third quarter profit with revenue that was in line with Wall Street expectations.
After the markets closed Thursday, the Century City aircraft leasing company reported net income of $48.5 million (46 cents a share), 28 percent higher than in the same period a year earlier.
Revenue rose 23 percent to $216 million. Analysts had expected net income of 45 cents a share on revenue of less than $216 million.
Colony Financial Inc. reported a better-than-expected third quarter profit.
After the markets closed Thursday, the Santa Monica real estate investment trust reported net income of $21.1 million (32 cents a share), 7 percent higher than in the same period a year earlier. Adjusted earnings were 38 cents a share. Analysts had expected 37 cents.