WellPoint's 1Q profit falls as costs climb

WellPoint Inc. said Wednesday that its first-quarter profit fell 7.6 percent as enrollment slipped and expenses rose, but the health insurer raised its earnings forecast for 2012. The Indianapolis company reported net income of $856.5 million, or $2.53 per share, for the three months ended March 31, down from $926.6 million, or $2.44 per share, a year earlier. Excluding investment gains, WellPoint earned $2.34 per share in this year's first quarter. Operating revenue climbed 3.4 percent to $15.15 billion from $14.65 billion a year ago. Analysts surveyed by FactSet expected, on average, earnings of $2.27 per share on $15.41 billion in revenue.