Magellan Health Services Inc., health benefits management company based in Avon, Conn., says its second-quarter earnings rose 17% despite some rising expenses.
Driving the earnings upward was a 12% rise in the company’s commercial managed care segment, which is now nearly $200 million, as well as a rise in revenue from its radiology benefits management and pharmacy solutions segments.
When the numbers were crunched, Magellan found that it had earned $31.4 million, or $1.15 per share, in the three months that ended June 30. After the second quarter earnings were announced, its shares climbed 70 cents, or 1.2 percent, to $59.20. The stock is up about 21 percent so far this year.