Make us your home page

WellCare stock soars on news of quadrupled earnings

Shares in WellCare Health Plans surged nearly 12 percent Friday after the Tampa company blew past analysts' estimates in reporting that its first-quarter earnings quadrupled. WellCare, which provides managed-care services for government-sponsored plans, said it earned $21.3 million, or 50 cents a share, in the quarter ended March 31, up from $6.4 million, or 15 cents a share, a year ago. Its adjusted net income was 66 cents a share, about three times what analysts were expecting. Revenue rose 8 percent to $1.47 billion, up from $1.36 billion a year ago. WellCare also ratcheted up its forecast for the full year, predicting earnings of $3.35 to $3.65 per share, up from a prior forecast of $2.45 to $2.70 per share. The strong performance was tethered to a huge membership gain in WellCare's Medicare prescription drug plans compared to a year ago as the company recovered from sanctions previously imposed by the federal government. Wellcare's stock closed at $47.93 a share Friday, up $4.89.

WellCare stock soars on news of quadrupled earnings 05/06/11 [Last modified: Friday, May 6, 2011 7:22pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Last orca calf born in captivity at a SeaWorld park dies


    ORLANDO — The last killer whale born in captivity under SeaWorld's former orca-breeding program died Monday at the company's San Antonio, Texas, park, SeaWorld said.

    Thet orca Takara helps guide her newborn, Kyara, to the water's surface at SeaWorld San Antonio in San Antonio, Texas, in April. Kyara was the final killer whale born under SeaWorld's former orca-breeding program. The Orlando-based company says 3-month-old Kyara died Monday. [Chris Gotshall/SeaWorld Parks & Entertainment via AP]
  2. Miami woman, 74, admits to voter fraud. Does jail await, or will she go free?

    State Roundup

    MIAMI — An 74-year-old woman pleaded guilty Monday to filling out other people's mail-in ballots while working at Miami-Dade's elections department.

    Gladys Coego
  3. Bigger ships carry Georgia ports to record cargo volumes

    Economic Development

    SAVANNAH, Ga. — Bigger ships arriving through an expanded Panama Canal pushed cargo volumes at Georgia's seaports to record levels in fiscal 2017, the Georgia Ports Authority announced Monday.

    The Port of Savannah moved a record 3.85 million container units in fiscal 2017, the state said, benefiting from the larger ships that can now pass through an expanded Panama Canal.
  4. Dragon ride in Harry Potter section of Universal closing for new themed ride


    Universal Orlando announced Monday that it will close Dragon Challenge for a new "highly themed" Harry Potter ride to open in 2019 — sending wizard fans into a guessing game with hopes for a Floo Powder Network or the maze from the Triwizard Tournament.

    Universal Orlando announced Monday that it will close Dragon Challenge on Sept. 5 for a new "highly themed" Harry Potter ride to open in 2019. The ride, originally the Dueling Dragons roller coaster, was renamed and incorporated into the Wizarding World of Harry Potter when the hugely popular area opened in 2010.
  5. Would you let your company implant a chip in you?

    Working Life

    Would you ask an employee to get a chip implanted in her hand? Sounds invasive and intrusive. But come Aug. 1, one company in Wisconsin will be giving it a try.

    Three Square Market - a developer of software used in vending machines - is offering all of its employees the option to get a microchip implanted between the thumb and forefinger. [Photo from video]