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Wednesday, November 04, 2009
WellCare Swings To Profit, Resumes Marketing
By Simon Kennedy
MarketWatch Pulse
LONDON -- WellCare Health Plans Inc. said Wednesday that it swung to a third-quarter net profit of $28.7 million, from a loss of $18.2 million a year earlier, as it also said the Centers for Medicare & Medicaid Services had released the company from previously-disclosed sanctions. The group said it earned 68 cents a share in the quarter, compared to a loss of 44 cents a share a year earlier, and that revenue rose 1.8% to $1.67 billion. Adjusted earnings were 82 cents a share, compared to $1.15 a year earlier. Analysts had been expecting earnings of 67 cents a share on revenue of $1.66 billion. The group said it will resume marketing its Medicare Prescription Drug Plans and Medicare Advantage coordinated care plans over the coming days.
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