Health Net Inc. on Wednesday said it slipped to a loss in its fourth quarter due to a charge related to selling a unit. But the results still were better than analysts expected.

The Woodland Hills managed care provider reported a net loss of $45.2 million (-43 cents per share), compared with net income of $35.5 million (34 cents) a year earlier. Revenues rose 2.6 percent to $3.97 billion.

Excluding one-time charges, the company had a net income equal to 69 cents per share. Analysts surveyed by Thomson Reuters on average expected adjusted per-share net income of 67 cents on revenue of $3.95 billion.

The company decided to sell its Northeast region subsidiaries that served commercial members in Connecticut, New York and New Jersey and some Medicare and Medicaid members in those states after it lost its U.S. government contract to provide health care to U.S. military, retirees and dependents in that region. They were sold to UnitedHealth Group Inc. for $570 million

Health Net took $137 million in non-cash charges related to the sale of its Northeast businesses – including $106 million for the loss on the sales and $4.3 million in impairments on assets held for sale. It also took $27 million in cash charges on those sales. Health Net reported an additional $15.3 million in cash charges related to the company’s operations strategy and other expenses.

For the full year, Health Net reported a net loss of $49 million (-47 cents) compared with net income of $95 million (88 cents) in 2008. Adjusted net income for the full year 2009 was $235 million ($2.25).

Because of a decline in shares outstanding, Health Net raised its full-year earnings forecast to between $2.32 and $2.42 per share, up from its previous forecast of $2.30 to $2.40. Analysts on average were expecting $2.32.

Health Net shares closed down 83 cents, or nearly 4 percent to $23.78 on the New York Stock Exchange.