WellCare Health Plans Inc. (NYSE: WCG) reported Thursday it earned $11.1 million in its fiscal fourth quarter, according to Associated Press.
However, the government health care provider’s adjusted profit fell due to Medicaid premium rate changes.
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The company's membership also fell 8 percent to 2.3 million people in 2009. Most of its enrollment comes from Medicaid plans.
The insurer said it earned 26 cents per share in the fourth quarter, compared to a loss of $31.1 million, or 75 cents per share, in the same quarter of 2008. Revenue rose 1 percent to $1.62 billion.
WellCare reported an adjusted profit of 47 cents per share, down from 66 cents in 2008.
On average, analysts polled by Thomson Reuters expected earnings of 44 cents per share on $1.61 billion in revenue.
The insurer said it expects adjusted net income of between $1.90 and $2.15 per share for 2010. Analysts expect $2.56.
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