CIGNA Q3 Earnings Beat Expectations

reported better-than-expected earnings for the third quarter and raised its earnings forecast for the year. However, the company's revenue missed analysts' estimates. The Bloomfield, Connecticut-based company reported quarterly net income of $547 million, or $2.10 per share, compared to $534 million, or $2.01 per share, in the year-ago period. Its adjusted income from operations came in at $2.28 per share. Its revenue climbed to $9.39 billion from $8.76 billion. However, analysts were expecting earnings of $2.20 per share on revenue of $9.51 billion. The average estimate among 19 Estimize users was for earnings of $2.19 per share and revenue of $9.35 billion. Year to date, as of November 5, 2015, CIGNA repurchased around 4.3 million shares of stock for about $515 million. "Cigna's third quarter results demonstrate the ongoing value we deliver to our customers and clients," said David M. Cordani, President and Chief Executive Officer. "The effective execution of our focused strategy to provide affordable, personalized solutions is reflected in our increased outlook for 2015 and gives us the momentum to drive continued growth in 2016." CIGNA now expects FY adjusted earnings of $8.40 to $8.60 per share. It also projects Q4 adjusted income from operations of $1.61 to $1.81 per share. CIGNA shares fell 1.97 percent to $129.75 in pre-market trading.