Nov. 5 Earnings: WCG, HZO

WellCare Health Plans Inc.
WellCare improved its profit margins in the third quarter, boosting net income by 50% over the year despite a 17% drop in revenues. The Tampa-based company provides managed care services to health care plan members, focusing largely on Medicare and Medicaid.

The increase in profitability was the result of the performance of WellCare's Medicare prescription drug plan and Medicaid segments, a release said. Additionally, the company reduced its selling and administrative expenses last quarter.

The 17% decrease in revenues resulted from the company's withdrawal from the Medicare Advantage private fee-for-service business operation.