Magellan Health Reports Strong Earnings (MGLN)
Magellan Health Services (NASDAQ: MGLN) reported earnings today, beating Wall Street estimates. Fourth quarter net income was $43.73 million or $1.25 per share compared to $23.58 million $0.61 per share in the year ago period. Analysts had been anticipating the company would report EPS of $1.04.
Revenues came in at $718.91 million from $661.78 million in last year's corresponding quarter. Wall Street consensus revenue estimates were pegged at $669.65 million. MGLN stock is trading 4.83% higher at $41.42.
Commenting on the results, René Lerer, M.D., chairman and CEO, said, "Magellan achieved significant success in 2009, driven by strong financial and operational performance across all segments, noteworthy new customer sales, and continued execution on our capital deployment and diversification strategy. I am very pleased with these results and the solid foundation we have established for the future."
