TAMPA, Fla. (AP) — WellCare Health Plans Inc.'s fourth quarter earnings more than tripled, as strong enrollment gains helped the Medicaid and Medicare coverage provider trump net income expectations.
The Tampa, Fla., company's stock soared more than 10 percent, adding $6.54, to $69.50 as the market opened Wednesday after it released the earnings report and also delivered a better-than-expected forecast for 2012.
WellCare earned $85.1 million, or $1.96 per share, in the three months that ended Dec. 31. That compares to $26.1 million, or 61 cents per share, in the final quarter of 2010. Adjusted earnings were $2.15 per share.
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