Magellan Health Services Q2 Profit Rises; Backs FY13 Outlook - Quick Facts

(RTTNews) - Magellan Health Services Inc. (MGLN) reported that its second-quarter net income was $31.48 million or $1.15 per share, up from $26.97 million or $0.97 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose to $842.75 million from $805.47 million in the prior year quarter. Five analysts had consensus revenue estimate of $856.83 million for the quarter.

The Board of Directors has approved a $100 million increase to the current $200 million share repurchase authorization and extended it for two years until October 25, 2015.

"We had strong results this quarter and are maintaining our full-year outlook for revenue, net income, segment profit and EPS," said Jonathan N. Rubin, chief financial officer.

While announcing the first-quarter result, the company had expected net revenue in the range of $3.3 billion to $3.5 billion, net income of $90 million to $108 million, and profit per share in the range of $3.27 to $3.93 for fiscal 2013. Analysts expect the company to report earnings of $3.83 per share and revenues of $3.32 billion for fiscal 2013.