LONG BEACH, Calif. (AP) — LONG BEACH, Calif. (AP) — Molina Healthcare Inc. (MOH) on Wednesday reported first-quarter net income of $301 million.
The Long Beach, California-based company said it had profit of $5.17 per share. Earnings, adjusted for one-time gains and costs, came to $5.73 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $5.46 per share.
The provider of Medicaid-related services posted revenue of $9.93 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $9.52 billion.
Molina expects full-year earnings to be $23.50 per share.
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