UPDATE: WellCare Posts 43% Drop In Q4 Profit, Issues Downbeat Full-Year Forecast

WellCare Health Plans

reported a 43% drop in its fourth-quarter earnings. WellCare Health expects full-year adjusted earnings of $4.50 to $4.85 per share, versus analysts' estimates of $4.97 per share. WellCare's quarterly profit fell to $48.8 million, or $1.11 per share, from $85.1 million, or $1.96 per share, in the year-ago period. Excluding one-time items, its adjusted earnings declined to $1.32 per share versus $2.15 per share. Its revenue rose 24% to $1.99 billion. However, analysts were expecting earnings of $1.31 per share on revenue of $1.89 billion. WellCare Health shares closed at $53.95 yesterday.