Magellan Health: 3Q Earnings Snapshot
SCOTTSDALE, Ariz. (AP) _ Magellan Health Inc. (MGLN) on Wednesday reported third-quarter profit of $27.1 million.
The Scottsdale, Arizona-based company said it had profit of $1.09 per share. Earnings, adjusted for one-time gains and costs, were $1.45 per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.37 per share.
The healthcare management business posted revenue of $1.85 billion in the period, matching Street forecasts.
Magellan Health expects full-year earnings in the range of $4.26 to $4.90 per share, with revenue in the range of $7.3 billion to $7.5 billion.
Magellan Health shares have decreased 28 percent since the beginning of the year. The stock has dropped 16 percent in the last 12 months.