Health Net Inc. reported a third quarter loss Tuesday as it took charges related to the withdrawal from the northeastern U.S. market. Even so, shares rose since adjusted results exceeded Wall Street expectations.

The Woodland Hills managed health care company reported a net loss of $66 million (-64 cents a share), compared with net income of $18.5 million (17 cents) a year ago. Revenue rose nearly 4 percent to $3.97 billion.

Excluding one-time charges, net income was 67 cents per share. Analysts surveyed by Thomson Reuters expected earnings of 61 cents on revenue of $3.9 billion.

The company’s medical-care ratio -- how much is paid in claims compared with premiums received – fell to 86.4 percent compared with 87.5 percent a year ago. Systemwide health plan membership fell 3.8 percent to 3.6 million.

In July, Health Net lost its Tricare contract to provide coverage to military personnel in the northeast United States. The company then decided to accept UnitedHealth Group Inc.’s offer to buy its northeast commercial operations for about $570 million.

The company took more than $170 million in noncash charges from the sale of the unit, and a $19.5 million charge related to efforts to reduce general and administrative costs.

Health Net now expects fiscal 2009 earnings at the low end of its prior view because of higher costs from members suffering from the H1N1 virus and expansion of Cobra membership by laid off workers.

“We are pleased with our third quarter results,” Chief Executive Jay Gellert said in a statement. “While we continue to produce strong new commercial sales in targeted segments and products in our Western health plans, overall commercial enrollment decreased due to in-group losses driven by the economy.”

Shares were up 63 cents, or 4 percent, to $15.86 in midday trading on the New York Stock Exchange.