UPDATE: Magellan Health Q4 Profit Falls 50%

Magellan Health Services (NASDAQ:

) reported a 50% drop in its fourth-quarter earnings. Magellan's quarterly earnings fell to $18.5 million, or $0.67 per share, versus a year-ago profit of $37 million, or $1.32 per share. Its revenue rose 21% to $1.01 billion. However, analysts were expecting earnings of $0.83 per share on revenue of $991 million. Magellan's expenses climbed 27% to 979.8 million. Magellan shares closed at $61.14 on Friday.