Humana's first-quarter profits surpass expectations

LOUISVILLE, Ky. (AP) -- Humana Inc. on Wednesday reported first-quarter profit of $566 million.

The Louisville, Kentucky-based company said it had profit of $4.16 per share. Earnings, adjusted for non-recurring costs and amortization costs, were $4.48 per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $4.30 per share.

The health insurer posted revenue of $16.11 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $15.79 billion.

Humana expects full-year earnings in the range of $17.25 to $17.50 per share.

Humana shares have dropped 11% since the beginning of the year, while the Standard & Poor's 500 index has risen 18%. The stock has fallen 13% in the last 12 months.