PacifiCare Cuts Forecast for Quarter and Year
- Share via
PacifiCare Health Systems Inc. cut its second-quarter profit forecast to 85 cents to 88 cents because of higher interest costs and other expenses related to selling $500 million in debt.
PacifiCare, the biggest U.S. operator of Medicare health plans, had forecast profit of 90 cents to 93 cents a share for the quarter.
The Santa Ana-based company also set its full-year profit expectations at $3.37 to $3.47, down from its previous estimate of $3.55 to $3.65.
Analysts on average were expecting PacifiCare to earn 84 cents in the quarter and $3.39 for the year, according to Thomson Financial/First Call.
Shares of PacifiCare fell 5 cents to $28.70 on Nasdaq before the announcement, which was made after U.S. markets closed.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
