WellCare Health Plans Q3 Profit Falls - Quick Facts

(RTTNews) - WellCare Health Plans Inc. (WCG) reported that its net income for the third quarter of 2014 was $19.3 million or $0.44 per share, down from $64.0 million, or $1.45 per share, for the third quarter of 2013.

Adjusted net income for the third quarter was $26.3 million, or $0.59 per share, compared with adjusted net income of $68.9 million, or $1.56 per share in the prior year.

Adjusted net income per share for the third quarter of 2014 of $0.59 included an $0.18 reduction in the Windsor bargain purchase gain. Excluding the $0.18 reduction in the Windsor bargain purchase gain, the remaining results of operations was $0.77 per share.

Premium revenue was $3.396 billion up from $2.496 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share and revenues of $3.28 billion for the quarter. Analysts' estimates typically exclude special items.

The company forecasts adjusted earnings per share of $0.60 to $0.70 for the fourth quarter of 2014 and premium revenue for the same period of $3.3 billion to $3.4 billion. Analysts expect the company to report earnings of $0.70 per share and revenues of $3.26 billion for the fourth-quarter.