UPDATE: Cigna Posts Upbeat Q2 Profit

Cigna

reported a better-than-expected second-quarter profit. Cigna's quarterly net income surged to $505 million, or $1.76 per share, versus $380 million, or $1.31 per share, in the year-ago period. Excluding one-time items, it earned $1.78 per share, beating analysts' estimates of $1.60 per share. Its revenue surged to $7.98 billion from $7.42 billion, versus estimates of $7.4 billion. Cigna projects 2013 earnings of $6.25 to $6.65 per share. However, analysts expected earnings of $6.49 per share. Cigna shares closed at $77.83 yesterday.