Magellan Health Services (MGLN) Tops Q2 EPS by 14c; Adds $100M to Buyback

Magellan Health Services (NASDAQ: MGLN) reported Q2 EPS of $1.15, $0.14 better than the analyst estimate of $1.01. Revenue for the quarter came in at $842.7 million versus the consensus estimate of $852.42 million.

The Board of Directors has approved a $100 million increase to the current $200 million share repurchase authorization and extended it for two years until October 25, 2015. The shares may be purchased from time to time on the open market, under 10b5-1 plans, or in privately negotiated transactions. There are a number of factors that affect the timing and pace of purchases, such as stock price, projected capital needs, M&A prospects and determination of open and closed trading windows.

For earnings history and earnings-related data on Magellan Health Services (MGLN) click here.

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