Magellan Health tops 1Q profit forecasts

Markets Associated Press

Magellan Health Inc. (MGLN) on Wednesday reported first-quarter profit of $17.7 million.

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The Scottsdale, Arizona-based company said it had net income of 74 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The healthcare management business posted revenue of $1.31 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $1.36 billion.

Magellan Health expects full-year earnings to be $3.72 to $4.71 per share, with revenue in the range of $5.8 billion to $6.1 billion.

Magellan Health shares have decreased nearly 5 percent since the beginning of the year. The stock has climbed nearly 2 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on MGLN at https://www.zacks.com/ap/MGLN

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Keywords: Magellan Health, Earnings Report