Bulletin
Investor Alert

London Markets Close in:

July 30, 2019, 6:55 a.m. EDT

Wellcare profit rises, beats expectations

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    WellCare Health Plans Inc. (WCG)
  • X
    Centene Corp. (CNC)

or Cancel Already have a watchlist? Log In

By Max Bernhard

Wellcare Health Plans Inc. /zigman2/quotes/207459018/composite WCG +0.22% on Tuesday reported a rise in second-quarter profit, and said it is pursuing regulatory approvals for its multibillion-dollar deal with Centene Corp. /zigman2/quotes/208900023/composite CNC +0.55% .

The Tampa, Fla.-based company earned a quarterly profit of $182.8 million, or $3.60 a share compared with $151.6 million, or $3.35 a share, for the same period last year.

Excluding items, Wellcare reported an adjusted profit of $4.31 a share for the quarter compared with $3.69 last year and analysts' forecasts of $4.17 a share, according to a consensus estimate provided by FactSet.

Revenue rose to $7.01 billion from $4.64 billion.

In March, competitor Centene agreed to buy Wellcare for around $15.3 billion, creating a giant in the business of managing government health programs. At the end of June the two companies won shareholder approval of their deal, which is subject to regulatory approval.

Wellcare said that due to the pending merger, it isn't providing any updated financial guidance.

/zigman2/quotes/207459018/composite
US : U.S.: NYSE
$ 268.27
+0.58 +0.22%
Volume: 123,258
Oct. 16, 2019 11:18a
P/E Ratio
25.87
Dividend Yield
N/A
Market Cap
$13.47 billion
Rev. per Employee
$1.70M
loading...
/zigman2/quotes/208900023/composite
US : U.S.: NYSE
$ 45.46
+0.25 +0.55%
Volume: 982,746
Oct. 16, 2019 11:19a
P/E Ratio
14.96
Dividend Yield
N/A
Market Cap
$18.70 billion
Rev. per Employee
$1.27M
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.