Magellan HealthInc. is revising its full-year 2016 outlook.
The company now expects revenue of $4.62 billion to $4.86 billion,EPS of $2.07 to $2.84 and adjusted EPS of $3.19 to $3.96. Its were for revenue of$4.32 billion to $4.56 billion, EPS of $2.06 to $2.83 and adjusted EPS of $3.18to $3.95.
Magellan Health CFO Jonathan Rubin said in an earnings releasethat the revised outlook reflects a higher projection for new business and the impactof share buybacks. The company is maintaining its previous ranges for segment profit,adjusted net income and net income. Adjusted net income for 2016 is expected tobe $78.5 million to $97.5 million, and net income is expected at $51 million to$70 million.
Magellan Health reported first-quarter net income attributableto the company of $13.2 million, or 54 cents per share, up from $7.3 million, or28 cents per share, in the year-ago period. Adjusted net income was $19.4 million,or 79 cents per share, compared with $24.4 million, or 94 cents per share, in thefirst quarter of 2015.