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.