SCOTTSDALE, Ariz. (AP) _ Magellan Health Inc. (MGLN) on Friday reported fourth-quarter net income of $20.6 million, after reporting a loss in the same period a year earlier.
The Scottsdale, Arizona-based company said it had profit of 84 cents per share. Earnings, adjusted for one-time gains and costs, were $1.24 per share.
The healthcare management business posted revenue of $1.8 billion in the period.
For the year, the company reported profit of $55.9 million, or $2.28 per share. Revenue was reported as $7.16 billion.
Magellan Health expects full-year earnings in the range of $3.34 to $4.14 per share, with revenue in the range of $7 billion to $7.4 billion.
Magellan Health shares have declined 16% since the beginning of the year. The stock has dropped 2% in the last 12 months.