Molina Healthcare Beats Street 1Q Forecasts
LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Tuesday reported first-quarter net income of $77 million.
The Long Beach, California-based company said it had net income of $1.37 per share. Earnings, adjusted for one-time gains and costs, came to $1.47 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The provider of Medicaid-related services posted revenue of $4.9 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $4.78 billion.
Molina expects full-year earnings to be $2.90 per share.
Molina shares have increased 10 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $59.75, a rise of 20 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MOH at https://www.zacks.com/ap/MOH
Keywords: Molina, Earnings Report
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