Earnings reflect strong consolidated results
Net income was $1.28 per share in the quarter, a 39% increase from third quarter 2006 net income of $0.92 per share Adjusted income from operations was $1.14 per share1 in the quarter, a 37% increase over third quarter 2006. Aggregate medical membership increased by 5.1% through the first nine months of 2007. This excludes the 357 thousand members related to the August 1, 2007 acquisition of Sagamore Health Network.
The company repurchased approximately 4.6 million shares for $235 million during third quarter 2007, and approximately 23.7 million shares2 for $1.16 billion year to date through November 2, 2007. The company currently estimates 2007 earnings per share on an adjusted income from operations basis, to be in the range of $3.80 to $4.00. CIGNA Corporation (NYSE:CI) today reported net income of $365 million, or $1.28 per share, for the third quarter of 2007 compared with $298 million, or $0.92 per share for the same period last year.
CIGNA's adjusted income from operations3 was $323 million, or $1.14 per share, for the third quarter of 2007 versus $268 million, or $0.83 per share for the same period last year.
“Our consolidated earnings for the quarter were strong, and the marketplace continues to recognize CIGNA as a health advocate well-equipped to help improve the health, well-being and security of the people we serve,” said H. Edward Hanway, CIGNA chairman and chief executive officer.
CAUTIONARY STATEMENT FOR PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
CIGNA and its representatives may from time to time make written and oral forward-looking statements, including statements contained in press releases, in CIGNA’s filings with the Securities and Exchange Commission, in its reports to shareholders and in meetings with analysts and investors. Forward-looking statements may contain information about financial prospects, economic conditions, trends, and other uncertainties. These forward-looking statements are based on management’s beliefs and assumptions and on information available to management at the time the statements are or were made. Forward-looking statements include but are not limited to the information concerning possible or assumed future business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, trends and, in particular, CIGNA's productivity initiatives, litigation and other legal matters, operational improvement in the health care operations, and the outlook for CIGNA's full year 2007 and 2008 results. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe”, “expect”, “plan”, “intend”, “anticipate”, “estimate”, “predict”, “potential”, “may”, “should”, or similar expressions.
You should not place undue reliance on these forward-looking statements. CIGNA cautions that actual results could differ materially from those that management expects, depending on the outcome of certain factors.
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