WellCare Q1 Profit Beats Views

reported better-than-expected earnings for the first quarter on Wednesday. The Tampa, Florida-based company posted a quarterly profit of $17.5 million, or $0.39 per share, compared to $44.1 million, or $1.00 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings came in at $0.49 per share. Premium revenue rose 15.6 percent to $3.4 billion. However, analysts were expecting earnings of $0.28 per share on revenue of $3.47 billion. As of March 31, 2015, membership rose 8.3 percent to 3.8 million, versus 3.5 million as of March 31, 2014. Medicaid health membership rose 25.8 percent, while Medicare health membership slipped 2.1 percent. GAAP SG&A expense increased to $256.9 million in the first quarter, from $245.3 million in the year-ago quarter. "We are pleased with our performance in the first quarter of 2015," said Kenneth A. Burdick, WellCare`s chief executive officer. "We remain focused on delivering on our commitments in 2015 as we continue to strengthen our foundation for the future." For the full year, WellCare projects earnings of $3.15 to $3.40 per share, on revenue of $13.5 billion to $13.8 billion. WellCare shares slipped 0.27 percent to $78.30 in pre-market trading.