Magellan Health Services Inc. said in a federal filing Monday that one of its customers will end a contract at the end of 2013.
The customer was not named. The customer’s contract brought in $144.5 million in revenue to Magellan during the nine-month period ending Sept. 30.
Magellan Health Services Inc. saw its stock leap early Friday as third-quarter earnings beat analysts’ expectations.
Net income for the three-month period ending Sept. 30 was $66.3 million, or $2.36 per diluted share, compared with $31.4 million, or $1.03 per diluted share, during the same period in 2011.
Analysts polled by Thomson Reuters were expecting, on average, 97 cents per share.
“We are pleased with our recent contract award to administer the Military and Family Life Counseling (MFLC) program for the U.S. Department of Defense, which gives us a stronger foothold in the military and federal government space,” said Magellan chairman and CEO René Lerer.