(CVH) Coventry Health Care Beats Earnings Estimate

Coventry Health Care Inc. (CVH) reported first-quarter 2013 operating earnings per share of $1.00, which surpassed the Zacks Consensus Estimate of 79 cents as well as the prior-year earnings of 62 cents. Including the impact of Medicare Advantage Risk Adjustment Data Validation (RADV) prior period reserve release of 58 cents in the year-ago quarter, Coventry reported a net income of $135.4 million or $1.00 per share compared with $170.7 million or $1.20 per share in the prior-year quarter. Operating revenues of Coventry in the reported quarter declined 4.7% year over year to $3.5 billion, lagging the Zacks Consensus Estimate of $3.68 billion. Managed care premiums declined 4.4% year over year to $3.24 billion, while revenues from management services declined 7.2% to $283.6 million. Coventry’s total operating expenses declined 3.3% year