Friday, February 23, 2018
Business

WellCare Health Plans stock soars on strong revenue

Shares in WellCare Health Plans rose 10.7 percent Wednesday after the Tampa managed-care company reported better-than-expected earnings and revenue.

The company said rising medical costs helped drive net income in the fourth quarter down 43 percent, but analysts had been predicting much worse. WellCare's profit of $49 million, or $1.11 per share, contrasts with $85 million, or $1.96 per share, in the year-ago quarter.

Revenue jumped 23 percent to $1.99 billion.

WellCare administers funding for the Medicaid program, which provides coverage for poor and disabled people, and it sells Medicare prescription drug coverage and Medicare Advantage plans.

Its stock closed Wednesday at $59.72 a share, up $5.77.

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