UPDATE: Magellan Health Services Posts 35% Rise In Q1 Earnings, Raises Earnings Forecast

Magellan Health Services Inc MGLN reported a 35% rise in its first-quarter earnings. The company reported its Q1 profit at $34.3 million, or $1.02 per share, versus $25.5 million, or $0.73 per share, in the year-earlier period. The company's revenue fell 4.8% to $692.8 million. However, analysts had expected earnings of $0.79 per share on revenue of $717 million. MGLN lifted its full-year earnings forecast to $3.24 to $3.76 per share from its earlier projection of $2.93 to $3.43 per share. MGLN shares gained 3.02% to close at $52.20 yesterday. Read more from Benzinga's Company news.