Amerigroup Corp., Virginia Beach, Va., saw its fourth-quarter net income rise 26% to $11.8 million, or 54 cents per share, from $9.3 million, or 45 cents per share pro forma, a year earlier, beating analysts' consensus estimate by a penny. The company, which provides managed-care coverage to Medicaid and State Children's Health Insurance Program beneficiaries in five states and the District of Columbia, became publicly traded on Jan. 3. Revenue for the quarter rose 23% to $309.9 million. Net income for all of 2002 reached $47 million, or $2.19 per share, up 31% from $36 million, or $1.80 per share pro forma, in 2001. Revenue rose 30% to $1.16 billion. Membership increased 25% last year to 591,000, not including the company's acquisition of 190,000-member PHP Holdings, Coral Gables, Fla., which closed Jan. 1. Amerigroup projects 2003 earnings of $2.90 per share. -- by Laura B. Benko
Amerigroup's fourth quarter exceeds expectations
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