logo
Plus   Neg
Share
Email

WellCare Health Q4 Adj. Profit Beats View; Lifts FY18 Adj. Earnings Outlook

WellCare Health Plans, Inc. (WCG) reported Tuesday that its fourth-quarter net income was $60.7 million or $1.34 per share, significantly higher than last year's $44.9 million or $1.00 per share.

The latest quarter's results include a $56.1 million, or a $1.25 per share, noncash benefit from the revaluation of the company's net deferred tax liability.

However, adjusted net income was $14.2 million or $0.32 per share, compared to $46.0 million or $1.03 per share in the year-ago period.

Total premium revenue for the quarter increased to $4.33 billion from prior year's $3.52 billion. Adjusted premium revenue was $4.30 billion, compared to $3.43 billion a year ago.

On average, analysts polled by Thomson Reuters expected earnings of $0.21 per share on revenues of $4.32 billion for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2018, WellCare raised its outlook for adjusted earnings per share to a range of $9.55 to $9.85 from its previous guidance range of $8.40 to $8.65 per share. Analysts expect earnings of $9.19 per share.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of General Electric Co. are rising more than 10 percent on Thursday after the industrial conglomerate said it plans to establish a new, independent company focused on building a comprehensive Industrial Internet of Things or IIoT software portfolio. In addition, longtime bearish analyst Stephen Tusa of J.P. Morgan upgraded shares of GE to neutral. Apple Inc. said Thursday that it will invest $1 billion to build a new corporate campus in North Austin that will eventually create 15,000 jobs. Further, the tech giant announced plans to establish new offices and expand to over 1,000 employees each in three cities - Seattle, San Diego and Culver City, California. In January, Apple said it will create over 20,000 jobs over the next five years. German telecom giant Deutsche Telekom, Chinese conglomerate Alibaba's Alibaba Cloud, banking giant Citi and 13 other organizations have joined Hyperledger Blockchain project, an open source collaborative effort aimed to advance cross-industry blockchain technologies. Hyperledger, a project of The Linux Foundation that started less than three years ago, is a multi-project.
Follow RTT