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 |  Reuters -
Nov-04-2009WellCare's Sanctions Lifted; Shares Rise Amid Strong 3Q(topic overview)
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Thomson Reuters says analysts were expecting a profit of 67 cents per share and $1.66 billion in revenue. The company also narrowed its annual forecasts. [1] According to Thomson Reuters I/B/E/S, analysts were expecting a profit of 67 cents a share on revenue of $1.66 billion for the third quarter. The company raised the lower end of its 2009 profit view and now sees adjusted profit of $2.90 to $2.95 a share, from its prior range of $2.75 to $2.95 a share.[2]
Analysts expect a profit of $2.93 per share and $6.85 billion in total revenue.[1]
WellCare provides Medicare and Medicaid managed care to about 2.3 million people, and it reported a profit of $28.7 million, or 68 cents per share.[1] For the full year, WellCare now projects a profit of $2.90 to $2.95 per share, up from $2.75 to $2.95.[1]
The company took a loss of $18.2 million, or 44 cents per share, a year ago.[1] The company posted net income of $28.7 million, or 68 cents a share, compared with a net loss of $18.2 million, or 44 cents a share, a year earlier.[2]
The expiring deals are private fee-for-service plans, and a Medicare Advantage contract in Ohio. Earlier this year, WellCare paid $80 million in restitution to settle federal charges it defrauded the Florida Medicaid program and Florida Healthy Kids Corporation. That allowed the company to avoid criminal prosecutions. The investigation of WellCare begin in October 2007 with a raid on its Tampa, Fla., headquarters. The company also reported its third-quarter results and narrowed its annual forecasts.[3] The company said premium revenue for the third quarter rose 2 percent from a year earlier to $1.7 billion, helped by increased Medicare Advantage and Medicaid plan premium revenue.[2]
NEW YORK (Dow Jones)--WellCare Health Plans Inc. (WCG) has been freed from federal sanctions and may again begin marketing and enrolling in its plans in time for the important open enrollment season, relieving investors and sending shares rising Wednesday. The Florida-based managed care firm that provides its services only for government-run Medicaid and Medicare, also reported a better-than-expected third quarter and raised the low end of its earnings forecast for the rest of the year. Shares jumped 12% to $29.39 in recent trading and earlier hit their highest point since October of last year.[4] Nov 4 (Reuters) - WellCare Health Plans Inc ( WCG.N ), which provides health plans under the Medicare program for the elderly and Medicaid program for low-income Americans, posted a quarterly profit above analysts' estimates even as membership fell about 8 percent from a year earlier to 2.3 million.[2] NEW YORK -- Managed care provider WellCare Health Plans Inc. said Wednesday it turned a profit in the third quarter due to lower medical and general expenses.[1] NEW YORK -- WellCare Health Plans Inc. said Wednesday it will start marketing Medicare drug and Medicare Advantage programs in the next few days, as most of the government's fraud sanctions on the company are being lifted.[3]
In morning trading, WellCare shares jumped $2.61, or 9.9 percent, to $28.93, and set an annual high of $31.50. [3] WellCare expects $6.8 billion to $6.85 billion in premium revenue in 2009, compared with a broader range of $6.75 billion and $6.85 billion.[1]
SOURCES
1. WellCare profit beats Wall Street estimates, shades full-year forecasts higher | Washington Examiner
2. UPDATE 1-WellCare Q3 profit tops estimates | Reuters
3. WellCare says marketing will resume in days; shares set annual high | Washington Examiner
4. WellCare's Sanctions Lifted; Shares Rise Amid Strong 3Q - WSJ.com
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