Aetna Reports Fourth Quarter and Year-End 1998 Earnings.
Business Wire › February 01, 1999
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Aetna Reports Fourth Quarter and Year-End 1998 Earnings.
HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 1, 1999--
Fourth Quarter Earnings Up 29% Over 1997 Aetna (NYSE: AET) today announced fourth quarter 1998 operating earnings(1) before unusual items of $184.5 million, or $1.19 per common share, an increase of 29 percent over the $142.6 million, or $0.87 per common share reported in the fourth quarter of 1997. Including Year 2000 costs, fourth quarter 1998 operating earnings were $154.2 million, or $0.98 per common share, compared with First Call analyst consensus estimates of $0.96 per common share. Additional Share Repurchase Authorized Aetna also announced that its Board of Directors has authorized the repurchase of an additional 5 million common shares. Aetna repurchased approximately 1.7 million common shares in the fourth quarter of 1998, bringing the total number of shares repurchased to 12.5 million since the inception of the program in 1996. NYLCare Matters Resolved Aetna also announced today that the company and New York Life Insurance Company have resolved all post-closing purchase price adjustments and earnout obligations related to the acquisition of the NYLCare Health Plans business. Under the agr...See the full content of this document
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