AVON, Conn. (AP) — Magellan Health Services Inc.'s second-quarter earnings fell 21 percent as the cost of care and other expenses countered revenue gains for the health care management company.
The Avon, Conn., company said Friday it earned $26.9 million, or 97 cents per share, in the three months that ended June 30. That compares with earnings of $34.2 million, or $1.07 per share, in last year's quarter.
Revenue climbed 15 percent to $805.5 million.
The earnings beat analyst expectations. Analysts surveyed by FactSet expected, on average, earnings of 91 cents per share on $824.9 million in revenue.
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