Humana reports lower profit due to marketing costs
May 7 (Reuters) - Humana Inc said on Wednesday that first-quarter profit fell as it spent more on marketing and investments related to new products, such as certain Medicare Advantage and Obamacare exchange plans, as well as healthcare reform taxes and fees.
The company reported net profit of $368 million, or $2.35 per share, down from $473 million, or $2.95 per share a year earlier. The year-earlier figure included a 41 cent-per-share benefit from settling contract claims.
Humana kept its 2014 outlook unchanged at $7.25 to $7.75 per share, which it said accounted for such factors as better performance across its businesses but higher-than-expected drug costs for the treatment of Hepatitis C. (Reporting by Caroline Humer Editing by W Simon)
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