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. Forecast: Hot, humid and mostly dry conditions prevail for St. Pete Pride weekend


    The threat of any lingering effects from Tropical Storm Cindy have passed, leaving behind a relatively dry — but hot and humid — St. Pete Pride weekend.

    Tampa Bay's 7-day forecast [WTSP]
  2. Florida Insiders: The state parties are dying; 'I heard someone long for the leadership of Jim Greer'


    For all the attention on Florida Democratic Chairman Stephen Bittel's bone headed gaffe this week, the diminished state of the once mighty Florida GOP today compared to even a few years ago is arguably more striking than the condition of the long-suffering Florida Democratic Party. A decade ago, no one would have …

    Florida Insider Poll
  3. Florida Democrats surging with grassroots enthusiasm, but 2018 reality is grim

    State Roundup

    After Donald Trump's election, so many people started showing up at monthly Pinellas County Democratic Party meetings, the group had to start forking out more money for a bigger room.

    Former Vice President Joe Biden addresses Florida Democrats at the Leadership Blue Gala on June 17 in Hollywood, Fla. (Photo by Carol Porter)
  4. Will new laws protect condo owners from apartment conversions and rogue associations?

    Real Estate

    Danny Di Nicolantonio has lived in St. Petersburg's Calais Village Condominums for 33 years. Annoyed at times by the actions, or inaction, of the condo board and property managers, he has complained to the state agency that is supposed to investigate.

    That has left him even more annoyed.

    A bill passed by the Florida Legislature would affect places like The Slade in Tampa's Channelside district, where cCondominium owners have battled a plan to convert homes into apartments.
[Times file photo]
  5. Walmart opens first Pinellas County in-house training academy


    Seminole — It had all the hallmarks of a typical graduation: robe-clad graduates marching in to Pomp and Circumstance, friends and family packed together under a sweltering tent and a lineup of speakers encouraging the graduates to take charge of their future.

    New Walmart Academy graduates are congratulated Thursday morning by associates during a graduation ceremony at the Walmart store, 10237 Bay Pines Boulevard, St. Petersburg. The Walmart location is one of the company's training academies where managers complete a one week retail course. David Shultz and Richard Sheehan, both from St. Petersburg, get high fives from the crowd.
[SCOTT KEELER   |   Times]