Make us your home page
Instagram

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

Loading...
  1. Lightning GM Steve Yzerman sells house for $3 million to new player

    Real Estate

    TAMPA — Tampa Bay Lightning General Manager Steve Yzerman's multi-million Davis Islands home is staying in the Lightning family. Yzerman is selling his 6,265-square-foot house Monday to new defenseman Dan Girardi for $3 million.

    The Davis Islands home of Tampa Bay Lightning General Manager Steve Yzerman sold for $3 million Monday to Lightning defenseman Dan Girardi. | [Courtesy of Hi Res Media]
  2. Danny Rolling killed five in Gainesville 27 years ago this week

    Criminal

    The following story appeared in the St. Petersburg Times on October 26, 2006, the day after Danny Rollings was put to death. Also included are photos covering the period from the time of the murders to the day of Rollings execution.

    Rolling Executed

  3. Hernando commissioners propose tax-rate reduction as budget talks continue

    Local Government

    BROOKSVILLE — The typical budget battle between the Hernando County Commission and Sheriff Al Nienhuis has largely been averted this summer, except for a dust-up over how the sheriff has accounted for federal inmate money. But a minor skirmish did break out this week.

    Hernando County Commission Chairman Wayne Dukes has suggested a small rollback in the proposed property tax rate for the 2017-18 fiscal year and proposes that it be equally shared by the county's operations and the sheriff.
  4. Trigaux: As Florida seeks top 10 status as best business state, red flag rises on workforce

    Business

    In the eternal quest to appeal more to business than other states, Florida's managed to haul itself out of some pretty mediocre years. After scoring an impressive 8 among 50 states way back in 2007, Florida suffered horribly during and immediately after the recession. Its rank sank as low as No. 30 only four years ago, …

    Florida's trying to make strides in preparing its high school and college graduates for the rapidly changing skill sets of today's workforce. But the latest CNBC ranking of the best and worst states for business gave Florida poor marks for education, ranking No. 40 (tied with South Carolina for education) among the 50 states. Still, Florida ranked No. 12 overall in the best business states annual ranking. [Alan Berner/Seattle Times]
  5. Florida: White man who killed black person to be executed

    State Roundup

    GAINESVILLE — For the first time in state history, Florida is expecting to execute a white man for killing a black person — and it plans to do so with help of a drug that has never been used previously in any U.S. execution.

    This undated photo provided by the Florida Department of Corrections shows Mark Asay. If his final appeals are denied, Asay is to die by lethal injection after 6 p.m. Thursday. Asay was convicted by a jury of two racially motivated, premeditated murders in Jacksonville in 1987.  [Florida Department of Corrections via AP]