WellCare Health Q4 Adj. Profit Beats View; Lifts FY18 Adj. Earnings Outlook

(RTTNews) - WellCare Health Plans, Inc. (WCG) reported Tuesday that its fourth-quarter net income was $60.7 million or $1.34 per share, significantly higher than last year's $44.9 million or $1.00 per share.

The latest quarter's results include a $56.1 million, or a $1.25 per share, noncash benefit from the revaluation of the company's net deferred tax liability.

However, adjusted net income was $14.2 million or $0.32 per share, compared to $46.0 million or $1.03 per share in the year-ago period.

Total premium revenue for the quarter increased to $4.33 billion from prior year's $3.52 billion. Adjusted premium revenue was $4.30 billion, compared to $3.43 billion a year ago.

On average, analysts polled by Thomson Reuters expected earnings of $0.21 per share on revenues of $4.32 billion for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2018, WellCare raised its outlook for adjusted earnings per share to a range of $9.55 to $9.85 from its previous guidance range of $8.40 to $8.65 per share. Analysts expect earnings of $9.19 per share.