UPDATE: WellCare Posts 33% Decline In Q2 Profit, Lifts FY12 Forecast

WellCare Health Plans WCG reported a 33% drop in its second-quarter earnings. WellCare lifted its full-year earnings forecast to $5.25 to $5.45 per share on premium revenue of $7.1 billion. In May, it expected premium revenue of $7 billion of $7.1 billion. WellCare's quarterly profit dropped to $46.4 million, or $1.06 per share, versus $69.6 million, or $1.61 per share, in the year-ago period. Excluding items, WellCare's adjusted earnings came in at $1.24 per share. Its revenue surged 21% to $1.81 billion. However, analysts were expecting earnings of $1.21 per share on revenue of $1.79 billion. WellCare shares gained 0.90% to $62.94 in pre-market trading.