ORANGE, Calif. (AP) — ORANGE, Calif. (AP) — Alignment Healthcare Inc. (ALHC) on Wednesday reported second-quarter net income of $15.7 million, after reporting a loss in the same period a year earlier.
The Orange, California-based company said it had net income of 7 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 7 cents per share.
The Medicare Advantage insurer posted revenue of $1.02 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $960.1 million.
For the current quarter ending in September, Alignment Healthcare said it expects revenue in the range of $970 million to $985 million.
The company expects full-year revenue in the range of $3.89 billion to $3.91 billion.
Alignment Healthcare shares have risen 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $13, a rise of 48% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALHC at https://www.zacks.com/ap/ALHC
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