Molina: 2Q Earnings Snapshot
LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Tuesday reported second-quarter net income of $202 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Long Beach, California-based company said it had net income of $3.02. Earnings, adjusted for non-recurring gains, were $2.25 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.09 per share.
The provider of Medicaid-related services posted revenue of $4.88 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $4.66 billion.
Molina expects full-year earnings in the range of $7.39 to $7.59 per share, with revenue expected to be $18.8 billion.
Molina shares have risen 36 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $104.09, a rise of 56 percent in the last 12 months.