UPDATE: Coventry Health Q1 Profit Declines 2.1%

Coventry Health Care CVH reported a 2.1% drop in its first-quarter earnings. Coventry's quarterly profit fell to $135.4 million, or $1 per share, from $170.7 million, or $1.20 per share, in the year-ago period. Its revenue declined 4.7% to $3.52 billion. However, analysts were expecting earnings of $0.82 per share on revenue of $3.71 billion. Its total operating expenses dropped 3.3%, while total membership narrowed to 5.17 million from 5.36 million. Coventry shares closed at $49.55 yesterday.