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WellCare Reports $56M Profit In Fourth Quarter

WellCare sign denoting building
Tampa Tribune
The Florida Channel
Leon County Judge John Cooper on June 30, 2022, in a screen grab from The Florida Channel.

WellCare Health Plans Inc. on Tuesday reported fourth-quarter profit of $55.9 million. 

On a per-share basis, the Tampa-based company said it had a profit of $1.11. Earnings, adjusted for non-recurring costs, were $1.63 per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.

The Medicare and Medicaid coverage provider posted revenue of $6.07 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $5.85 billion.

For the year, the company reported a profit of $439.8 million, or $9.29 per share. Revenue was reported as $20.41 billion.

WellCare expects full-year earnings in the range of $13.25 to $13.50 per share, with revenue in the range of $25.8 billion to $26.7 billion.

WellCare shares have increased 19 percent since the beginning of the year. The stock has climbed 37 percent in the last 12 months.