LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Thursday reported first-quarter profit of $178 million.
On a per-share basis, the Long Beach, California-based company said it had net income of $2.92. Earnings, adjusted for restructuring costs and amortization costs, came to $3.02 per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.03 per share.
The provider of Medicaid-related services posted revenue of $4.55 billion in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $4.43 billion.
Molina expects full-year earnings to be $11.20 to $11.70 per share.
Molina shares have increased 22% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $165.36, a climb of 28% in the last 12 months.