UPDATE: WellCare Health Plans Reports Upbeat Q1 Earnings, Lifts FY11 Earnings Forecast

WellCare Health Plans Inc WCG reported a strong surge in its Q1 profit and raised its earnings forecast for the year. The company's quarterly profit jumped to $21.3 million, from $6.4 million, in the year-earlier period. The company's revenue increased 8.8% to $1.47 billion and earnings per share surged to $0.50 from $0.15. The company's adjusted earnings came in at $0.66 per share. However, analysts were expecting earnings of $0.13 per share on revenue of $1.45 billion. WellCare projects 2011 adjusted earnings of $3.35 to $3.65 per share, versus its earlier guidance of $2.45 to $2.70 per share. However, analysts were expecting 2011 earnings of $2.80 per share. WCG shares gained 0.43% to close at $42.44 yesterday. Read more from Benzinga's Company news.