Wednesday, WellCare Health Plans Inc. (WCG) reported third-quarter net income of $28.7 million or $0.68 per share, compared to a loss of $18.2 million or $0.44 per share in the same quarter last year.
On an adjusted basis, net income was $34.7 million or $0.82 per per share, compared to $48.4 million or $1.15 in the prior year quarter.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.67 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter was $1.67 billion, compared to $1.64 billion in the comparable quarter last year. Analysts expected the company to report revenue of $1.66 billion for the quarter.
Looking ahead to the full year 2009, the company expects adjusted net income in the range of $2.90 - $2.95 per share, compared to the prior guidance range of $2.75 - $2.95 per share. Premium revenue is expected to be in the range of $6.80 - $6.85 billion, compared to the prior guidance range of $6.75 billion - $6.85 billion. Analysts currently anticipate the company to earn $2.93 per share for the full year.
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