Magellan Health Issues Downbeat 2012 Profit Forecast

Magellan Health Services Inc MGLN issued downbeat profit forecast for the next year. Magellan Health projects a 2012 profit of $3.25 to $3.89 per share, versus analysts' estimates of $4.10 per share. Magellan Health projects net revenue in the range of $3.20 to $3.40 billion, versus analysts' estimates of $3.09 billion. Magellan Health lifted its 2011 earnings per share forecast to $3.75 to $4.36 per share, versus its previous outlook of $3.73 to $4.34 per share. Magellan Health shares dropped 0.52% to close at $48.07 yesterday.