On Tuesday, Aetna Inc (NYSE: AET) announced its financial results for the first quarter of 2018.
“Our core businesses performed well in the quarter, generating strong earnings per share growth and delivering significant value to our members, clients and shareholders,” Mark T. Bertolini, the chairman and CEO of Aetna, said in the statement on Tuesday.
According to the company, total revenue for the first quarter increased from $15.17 billion to $15.34 billion. Net income for the quarter increased from a loss of $381 million, or $1.11 per share, for the same period last year, to a profit of $1.21 billion, or $3.67 per share. Adjusted earnings per share for the quarter was reported to be $3.19 per share, beating analysts’ estimates of $2.97 per share.
“Our first quarter operating results were largely in line with our expectations as favorable prior years' reserve development more than offset higher than projected flu related medical costs,” Shawn M. Guertin, the executive vice president and CFO of Aetna, said today. “Our operating results continue to be supported by a solid balance sheet and strong cash flow and adjusted margins.”
In December, CVS agreed to acquire Aetna for $69 billion, which aimed to deal with increasing healthcare spending through low-cost medical services in pharmacies.