UPDATE: WellCare Posts Lower Q4 Profit

WellCare Health Plans

reported a 12% drop in its fourth-quarter earnings. For the new year, WellCare expects earnings of $3.75 to $4.05 per share on premium revenue of $11.6 billion to $11.75 billion. However, analysts expected earnings of $5.06 per share. WellCare's quarterly profit fell to $42.9 million, or $0.97 per share, from a year-ago profit of $48.8 million, or $1.11 per share. Excluding special items, it earned $1.09 per share. Its total revenue surged 23% to $2.44 billion. However, analysts were expecting earnings of $1.15 per share on revenue of $2.42 billion. WellCare shares closed at $62.22 yesterday.