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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.
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. Excluding one-time costs, profit rose to 82 cents per share. The company took a loss of $18.2 million, or 44 cents per share, a year ago.
Revenue rose 2 percent, to $1.67 billion from $1.64 billion. 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. In morning trading, WellCare shares jumped $2.64, or 10 percent, to $28.96, and set an annual high of $31.50.
For the full year, WellCare now projects a profit of $2.90 to $2.95 per share, up from $2.75 to $2.95. 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.
Analysts expect a profit of $2.93 per share and $6.85 billion in total revenue.
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