WellCare Health Plans (NYSE: WCG) Reports EPS of $0.50 vs. $0.15 Estimate; Revenues $1.47B vs. $1.45B Estimate

WellCare Health Plans WCG today reported results for the first quarter ended March 31, 2011. As determined under generally accepted accounting principles (“GAAP”), net income for the first quarter of 2011 was $21.3 million, or $0.50 per diluted share, compared with $6.4 million, or $0.15 per diluted share, for the first quarter of 2010. Adjusted net income for the first quarter of 2011 was $28.2 million, or $0.66 per diluted share, compared with $7.4 million, or $0.17 per diluted share, for the first quarter of 2010.