Magellan Health Reaffirms EPS Guidance

Magellan Health MGLN reaffirmed its 2010 EPS guidance, but lowered its 2011 guidance. The company said it sees 2010 earnings per share of $3.66-4.07 per share versus the estimate of $3.99 per share. It now sees 2011 guidance of $2.84-3.33 per share versus Wall Street estimates of $3.55 per share. It also sees revenues of $2.8-2.9 billion versus $3.01 billion estimate. In a statement the company said, "We are accelerating proactive efforts with customers and consumers to create new ways of helping them address challenges to the quality and affordability of health care. We are uniquely positioned across the specialty health care spectrum, and particularly with regard to Medicaid, to provide innovative solutions." Shares of MGLN closed at $49.00 on Friday, up 56 cents.