UPDATE: Magellan Posts Stronger-Than-Expected Q4 Profit

Magellan Health Services Inc MGLN reported a 9.7% drop in its fourth-quarter earnings. Magellan's quarterly profit declined to $29.7 million, from a year-ago profit of $32.9 million. Its per-share earnings climbed to $1.05 from $0.95 per share. Its shares outstanding fell 19% y/y. Magellan's revenue dropped 3.7% to $721.5 million. However, analysts were expecting earnings of $0.82 per share on revenue of $692 million. Revenue at Magellan's public sector climbed 6.7% to $384.8 million, while revenue at its commercial segment dropped 17% to $136.7 million. Magellan shares fell 0.39% to $48.75 in pre-market trading.