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. Tampa Bay's Top 100 Workplaces deadline extended to Nov. 17


    Think you work at one of the best places in Tampa Bay? You've got a little more time to make a pitch.

    Penny Hoarder and Gregory, Sharer & Stuart were among those at an event in Tampa last May honoring winners of the Tampa Bay Times Top Workplaces awards. Nominations are now open for this year.  
[OCTAVIO JONES   |   Times]
  2. Tampa-based Checkers testing delivery, aims for record expansion


    TAMPA — Tampa-based Checkers Drive-In Restaurants continues to fly under the radar compared to dominant burger chains like McDonald's and Burger King.

    Checkers Franchisee Shaji Joseph, of Tampa, hoses down the front walkway of his store at 6401 Park Boulevard, Pinellas Park. The business has a new look including signage and exterior tile. One drive through has been eliminated for an outdoor dining area, right. Joseph owns nine Checkers and is planning to open his tenth in Tampa.
[SCOTT KEELER   |   Times ]
  3. City Council approves $5 million for Clearwater Marine Aquarium expansion


    CLEARWATER — The City Council on Thursday approved contributing $5 million to the Clearwater Marine Aquarium for its massive expansion project.

    Clearwater has agreed to contributed $5 million to the Clearwater Marine Aquarium 
's $66 million expansion project.. [ Clearwater Marine Aquarium] 

  4. Trigaux: Florida, Tampa Bay lagging in growth of their startups

    Economic Development

    The annual assessment of how entrepreneurs are doing across the country is out from the Kauffman Foundation — among the best watchers of the nation's startup scene. How do Florida and Tampa Bay fare?

    Lured by financial incentives, startup GeniusCentral relocated from Manatee County in 2015 to St. Petersburg, promising to creatye 40 new jobs. It took downtown space in an appropriately creative workpace for entrepreneurs. It did not last there, later moving back to less expensive space in Manatee. A new Kauffman Index report on entrepreneurship found that Florida is a good place to launch startups but a tougher place to grow them.
  5. Pleasant dreams: sleep travel site gives high marks to Tampa airport


    TAMPA — Traveling might be considered closer to a nightmare than a dream for many. But that might be different for those who travel through Tampa International Airport. It was ranked the No. 3 overall best airport in North America by Sleeping in Airports, a travel site that tracks the best airports to catch some …

    Tampa International Airport was ranked as the No. 3 best overall airport by travel site Sleeping in Airports. | [Times file photo]