Magellan revenue climbs but income narrows

Despite an $80 million gain in quarterly revenue, net earnings at Avon-based Magellan Health Services narrowed to $21 million for the first quarter, down from $22.3 million in the same quarter last year. Revenue was $487 million, up from $400.6 million in the prior year quarter. The company re-affirmed its earnings guidance of segment profit — which excludes stock compensation expenses, depreciation, interest, amortization and taxes, among other things — between $190 to $210 million.