TAMPA — WellCare Health Plans Inc. (symbol: WCG) posted a $53.4 million net loss against $5.4 billion in revenues in 2010. The firm's core business was profitable, but multiple settlement payments used to resolve legal issues took the company from black to red.
Indeed, in just the fourth quarter of the year, WellCare earned $26.1 million in profits on $1.4 billion in revenues. And comments issued by CEO Alec Cunningham were nothing like those one would expect to hear from a company that lost $53 million.
“We are pleased with our accomplishments in 2010, which are the foundation for our optimism about continued strategic, operational, and financial progress in 2011,” Cunningham said in a release.
The company also offered guidance for its expected performance in 2011. It hopes to achieve per-share earnings between $2.45 and $2.70, or around $110 million in annual profits based on the current number of outstanding shares of WellCare stock. And premium revenues are expected to end up between $5.8 billion and $5.9 billion.
WellCare Health Plans, Inc. provides managed care services to members of government-sponsored health care programs, including Medicaid and Medicare. The company is headquartered in Tampa.