Wellcare Health Plans Q4 Profit Plunges, Sees 2015 Results Below View

(RTTNews) - Wellcare Health Plans Inc. (WCG) reported that its net income for the fourth quarter of 2014 was $7.7 million or $0.18 per share, down from $42.9 million or $0.97 per share in the year-ago period.

The company incurred influenza costs of about $15.1 million or $0.22 per share in the fourth quarter in excess of the average of the prior two years' same period costs.

Adjusted net income for the quarter was $18.0 million or $0.41 per share, compared with $48.2 million or $1.09 per share in the year-ago period.

However, total revenues for the quarter grew to $3.41 billion from $2.44 billion in the same period last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the quarter on revenues of $3.43 billion. Analysts' estimates typically exclude special items.

For fiscal 2015, Wellcare forecasts adjusted net income between approximately $3.15 and $3.40 per share on premium revenues in a range of $13.5 billion to $13.8 billion.

Analysts expect the company to report earnings of $3.59 per share for the year on revenues of $14.12 billion.