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Magellan Health 2Q profit rises 90 percent

Thu, 07/29/2010 - 8:45am
The Associated Press

Magellan Health Services Inc. said Thursday that its second-quarter profit nearly doubled, and the health care outsourcing company raised its profit estimate for the year.

Magellan's profit jumped 90 percent to $35.1 million, or $1.05 per share, from $18.5 million, or 53 cents per share, in the year-ago period. Revenue rose 17 percent to $741.7 million from $635.8 million.

Analysts predicted profit of 74 cents per share and revenue of $748.3 million, according to a Thomson Reuters survey.

Magellan said cost of care increased 7 percent to $472.5 million in the quarter.

Magellan boosted its full-year profit forecast to a range of $3.29 to $3.85 per share from a previous projection of $2.73 to $3.29 per share. Analysts forecast income of $3.15 per share.

In morning trading, Magellan stock surged $2.52, or 6.9 percent, to $39.25. The stock has ranged from $29.27 to $44.77 over the past year.

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