Saturday, June 23, 2018
Business

WellCare beats fourth-quarter predictions

TAMPA — WellCare HealthPlans Inc. announced on Tuesday it had a fourth-quarter profit of $60.7 million, exceeding Wall Street’s predictions for the Medicare and Medicaid coverage provider.

The Tampa company’s results were bolstered by the federal tax change, which added a one-time benefit of $56.1 million, or $1.25 per share. Without that, its adjusted net income was $14.2 million, or 32 cents a share.

For the fiscal year, it made a profit of $373.7 million, up 53 percent from 2016. It posted revenue of $16.8 billion, up 21 percent from the prior year.

"We closed two acquisitions and successfully implemented two Medicaid contracts that contributed to our growth in 2017," CEO Ken Burdick said in a news release. "As we enter 2018, we are well-positioned to continue to grow and deliver value to our stakeholders."

Previous coverage:WellCare stock surges to record high after posting $171.6M in profits

The company expects full-year earnings between $9.55 and $9.85 per share.

WellCare shares have fallen just under 2 percent in the last month, but are up 32 percent over the last 12 months.

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