Make us your home page

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

WellCare stock jumps on strong earnings, membership growth

Shares in WellCare Health Plans jumped more than 5 percent in early trading Tuesday after the Tampa-based managed-care provider more than doubled its first-quarter profit from a year ago.

After the morning surge, WellCare stock eased to close at $67.57 a share, but was still up $1.61, or more than 2 percent.

WellCare beat analysts' expectations in posting first-quarter earnings of $44.1 million, or $1 a share, up 105 percent from $21.5 million, or 49 cents a share, a year earlier. Excluding special items, earnings rose to $1.13 a share, up from 63 cents a share.

Revenue grew 32 percent to $2.99 billion.

The results were spurred by a notable increase in membership. The company's enrollment in Medicaid plans was up 11 percent, Medicare enrollment was up 52 percent and Medicare prescription drug plan enrollment was up 31 percent.

Altogether, membership had reached 3.5 million as of March 31, up 31 percent from the year-ago period.

Looking ahead, interim CEO David Gallitano and his team projected higher-than-expected revenue and income for the full year.

WellCare stock jumps on strong earnings, membership growth 05/06/14 [Last modified: Tuesday, May 6, 2014 7:18pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Paul Rodgers replacing ZZ Top on Ribfest 2017 lineup


    In looking to replace the ailing ZZ Top, Ribfest found some good company in Bad Company.

    Paul Rodgers
  2. Some teachers allege 'hostile and racially charged' workplace at Pinellas Park Middle


    PINELLAS PARK — Two black teachers at Pinellas Park Middle have requested transfers out of the school, alleging the work environment there has become "hostile and racially charged."

    Pinellas Park Middle School at 6940 70th Ave N, where some black teachers have alleged they were treated with hostility by colleagues after starting a tutoring program for black students. Just 22 percent of black students were proficient in English language arts in last spring's state tests. Two black teachers have asked to be transfered, according to a letter from two local chapters of the NAACP. [CHERIE DIEZ   |   Times]

  3. Editorial: The unknown price tags in the mayor's race


    St. Petersburg Mayor Rick Kriseman has been busy promoting all sorts initiatives in the months leading up to the Nov. 7 election, doubling down on his progressive agenda without spending much money or generating much controversy. But make no mistake, the cost will come due after the election. Without a change in …

    The mayor is determined to get artist Janet Echelman to create a sculpture for the new Pier. But the cost would be much higher than what is allocated. Above is Echelman’s As If It Were Already Here in Boston.
  4. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times
  5. Judge won't cut prison term of man who pleads obesity


    TAMPA — A claim of obesity won't shave time off a Tampa man's prison sentence.

    Duane Crithfield and Stephen Donaldson Sr. were sentenced to prison after marketing a fraudulent offshore tax strategy known as a "Business Protection Plan" to medical practices, offering doctors and others coverage against unlikely events such as a kidnapping.