Aetna posts 1Q adjusted profit and revenue above estimates

Hartford, Conn.-based Aetna Inc. said net income totaled $431.6 million, or 85 cents per share, compared with year-ago earnings of $434.6 million, or 81 cents per share. Excluding items, earnings were 92 cents per share in the latest quarter.

Revenue grew 16 percent to $7.74 billion from $6.70 billion, as medical membership increased by 614,000 to 17.5 million.

Analysts surveyed by Thomson Financial expected profit of 92 cents per share on revenue of $7.71 billion.

Aetna reaffirmed its outlook for 2008 adjusted earnings per share of $4, and raised its forecast for medical membership growth by 50,000 to a range of 850,000 to 900,000 members.

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AP Business Writer Jennifer Malloy