SCOTTSDALE, Ariz. (AP) _ Magellan Health Inc. (MGLN) on Thursday reported first-quarter net income of $431,000.
On a per-share basis, the Scottsdale, Arizona-based company said it had profit of 2 cents. Earnings, adjusted for one-time gains and costs, were 40 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The healthcare management business posted revenue of $1.74 billion in the period.
Magellan Health expects full-year earnings in the range of $3.70 to $4.69 per share, with revenue in the range of $7 billion to $7.2 billion.
Magellan Health shares have climbed 22% since the beginning of the year. The stock has declined 20% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGLN at https://www.zacks.com/ap/MGLN