AVON, Conn. (AP) — Magellan Health says that earnings next year will fall well below 2013 as the company heads into what it described as a transitional year.
The manager of behavioral health, radiology and pharmacy benefits expects 2014 earnings to range between $2 and $2.56 per share on revenue of $3.61 billion to $3.80 billion. Wall Street had been looking for earnings of $3.27 per share and revenue of $3.41 billion in revenue, according to a poll by FactSet.
The forecast, however, does include the impact of stock buybacks to date and a tax imposed as part of the health care overhaul, the federal law that aims to provide coverage for millions of uninsured people. Analysts typically exclude one-time items from their estimates.
Magellan maintained its 2013 earnings forecast of between $4.28 and $4.93 per share, while analysts forecast $4.54 per share.
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