WellCare Health Plans, Inc. (WCG) has reported a 245.38 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $44.90 million, or $1 a share in the quarter, compared with $13 million, or $0.29 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $46 million, or $1.03 a share compared with $28.40 million or $0.64 a share, a year ago.
Revenue during the quarter went up marginally by 0.61 percent to $3,518.20 million from $3,496.80 million in the previous year period. Net premium earned for the quarter went up marginally by 0.64 percent or $22.50 million to $3,515.50 million.
Total expenses come down marginally
Benefits, losses and expenses for the quarter were at $3,437.20 million, or 97.77 percent of premium earned from $3,460.50 million or 99.07 percent of premium earned in the last year period. Operating income for the quarter was $81 million, compared with $36.30 million in the previous year period.
For fiscal year 2017, WellCare Health Plans, Inc. forecasts revenue to be in the range of $15,225 million to $15,900 million and forecasts adjusted revenue to be in the range of $15,125 million to $15,800 million. The company expects diluted earnings per share to be in the range of $6 to $6.25 on adjusted basis.
"While we are now fully focused on 2017 and beyond, we are pleased to report on an excellent 2016," said Kenneth A. Burdick, WellCare's chief executive officer. "In 2016, the performance of all of our lines of business improved year over year. We won two Medicaid contracts and announced four acquisitions - two of which closed in 2016. Our momentum is strong as we enter 2017."
Operating cash flow improves
WellCare Health Plans, Inc. has generated cash of $748.30 million from operating activities during the year, up 5.01 percent or $35.70 million, when compared with the last year.
The company has spent $27 million cash to meet investing activities during the year as against cash outgo of $124.20 million in the last year.
Cash flow from financing activities was $833.10 million for the year, up 64.94 percent or $328 million, when compared with the last year.
Cash and cash equivalents stood at $3,961.40 million as on Dec. 31, 2016, up 64.58 percent or $1,554.40 million from $2,407 million on Dec. 31, 2015.
Liabilities outpace assets growth
Total assets increased 19.57 percent or $1,007 million to $6,152.80 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,152.70 million as on Dec. 31, 2016, up 21.51 percent or $735.20 million from year-ago.
Investments stood at $181.5 million as on Dec. 31, 2016, down 46.01 percent or $154.7 million from year-ago.
Total debt was at $997.60 million as on Dec. 31, 2016, down 16.80 percent or $201.50 million from year-ago. Shareholders equity stood at $2,000.10 million as on Dec. 31, 2016, up 15.73 percent or $271.80 million from year-ago. As a result, debt to equity ratio went down 20 basis points to 0.50 percent in the quarter from 0.69 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
