UPDATE: Magellan Health Q4 Profit Falls 50%
Magellan Health Services (NASDAQ: MGLN) 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.
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