BETHESDA, Md.—Coventry Health Care Inc. reported higher profits due to its acquisition of First Health Inc. and strong performances from its health plan operations, but warned of a possible loss in fourth-quarter profits due to Hurricane Katrina.
In the first nine months of 2005, the Bethesda, Md.-based company posted net income of $375.2 million, a 34.6% increase from the prior-year period. Revenues for the first nine months of 2005 were $4.9 billion, up 19.7% from the prior-year period.
In its earnings statement, the company warned of possible losses in the fourth quarter in its Louisiana operations due to the impact of Hurricane Katrina.
Total membership as of Sept. 30 was 2.5 million members, a 2.4% increase over the prior-year period.
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