UPDATE: Humana Posts Drop In Q3 Profit, Plans to Buy Metropolitan Health Networks

Humana

reported a drop in its third-quarter profit and announced its plans to acquire Metropolitan Health Networks

for $11.25 per share. Humana's quarterly net income fell to $426 million, or $2.62 per share, from $445 million, or $2.67 per share, in the year-ago period. Its revenue climbed to $9.65 billion from $9.30 billion. However, analysts were expecting a profit of $2.05 per share on revenue of $9.88 billion. Humana now projects 2012 earnings of $7.25 to $7.35 per share and 2013 earnings of $7.60 to $7.80 per share. It expects 2012 revenue of $39.0 billion to $39.5 billion and 2013 revenue of $40.8 billion to $41.3 billion. Humana shares closed at $75.21 on Friday.