UPDATE: WellPoint Posts Upbeat Q1 Earnings

WellPoint WLP reported better-than-expected first-quarter net earnings. WellPoint's quarterly earnings fell 21% to $701 million, or $2.40 per share, versus a year-ago profit of $885.2 million, or $2.89 per share. Its operating revenue climbed 1.2% to $17.64 billion compared to $17.44 billion. Its adjusted earnings slipped to $2.30 per share from $2.94 per share. However, analysts were projecting earnings of $2.10 per share on revenue of $17.95 billion. WellPoint now projects 2014 adjusted earnings to exceed $8.40 per share. However, analysts expected earnings of $8.41 per share. The company's press release offered the following comment from Joseph Swedish, chief executive officer: “Our better than expected first quarter results reflect our value proposition in the market, the benefits we are seeing from our strategic investments and our intense focus on execution. Our membership is growing across our platforms and we are pleased with the progress we have seen in the exchanges. Provider collaboration remains a focus for us and we are working closely with all types of healthcare providers to drive value for consumers. We are off to a strong start, supporting an increase in our earnings guidance for the full year.” WellPoint shares gained 0.45% to close at $95.39 yesterday.