Investing.com - Aetna Inc (NYSE:AET) shares were moving higher on Thursday following the company’s report that it surpassed analysts expectations for second quarter earnings, year-over-year, as cost discipline overshadowed a fall in revenue as the company pulled out of Affordable Care Act exchanges.
Aetna reported a profit of $1.2 billion, or $3.60 a share in the second quarter of 2017, compared with $790.8 million, or $2.23 a share, a year earlier. On an adjusted basis, the company earned $3.42 a share, compared with $2.21 a share a year ago. Analysts were looking for earnings of $2.35 a share.
Revenue fell 2.5% to $15.5 billion, a result of lower premiums as the company continued to exit ACA market exchanges.
The company raised its full-year earnings outlook, lifting its full-year EPS expectations to $9.45 to 9.55. Aetna previously forecast full-year EPS of at least $8.80. Analysts are looking for full-year EPS of $8.89.
Aetna's shares set a new 52-week high of $160.99 on Thursday.