Healthcare services provider WellCare Health Plans, Inc. (WCG) Friday reported lower earnings for the first quarter, on the back of increased medical benefits, in spite of a rise in revenue. Adjusted earnings per share were lower than the Street estimate. The company further revised up its full-year earnings guidance.
For the quarter, the company reported net income of $21.51 million, down from $51.23 million a year earlier. On a per share basis, earnings totaled $0.49 versus $1.18 last year.
On an adjusted basis, the company posted earnings per share of $0.63 for the quarter. Fourteen analysts on average polled by Thomson Reuters estimated earnings per share of $0.68 for the quarter. Analyst estimates typically exclude one-time items.
Total revenue for the period was $2.256 billion, up from $1.791 billion last year. Analysts were looking for revenue of $2.18 billion for the three months.
The firm spent $1.987 billion on medical benefits versus $1.521 billion last year.
Looking forward, the company now sees full-year adjusted earnings per share between $4.60 and $4.90, versus its prior view of between $4.50 and $4.85. Currently, the Street is looking for earnings per share of $4.88 for the full year.
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