Universal American 2010 profit, revenue forecasts top Wall Street views
By APTuesday, January 12, 2010
Universal American 2010 outlook tops Street view
RYE BROOK, N.Y. — Health insurance provider Universal American Corp. on Tuesday issued profit and revenue expectations for 2010 that exceed Wall Street analysts’ expectations.
Universal American said it expects full-year operating earnings of $1.70 per share to $1.80 per share, versus the $1.49 per share consensus estimate of analysts surveyed by Thomson Reuters.
The range the company is forecasting implies a decline of nearly 6 percent from the operating earnings of $1.80 to $1.90 per share that the Rye Brook, N.Y.-based company expects for 2009. Universal American issued that guidance in late October. It has not yet released fourth-quarter results, so final full-year 2009 results are not yet available.
Universal American forecasts 2010 revenue of $5.31 billion to nearly $5.62 billion, compared with analysts’ expectations for about $5 billion, on average.
Total membership at the end of 2010 is pegged at between 2.2 million and 2.3 million members.
Shares of Universal American rose 26 cents, or 2 percent, to $13.25 in afternoon trading and earlier set a 52-week high of $13.45.
