LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Monday reported first-quarter earnings of $198 million.
The Long Beach, California-based company said it had net income of $2.99 per share. Earnings, adjusted for amortization costs, came to $3.04 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.41 per share.
The provider of Medicaid-related services posted revenue of $4.12 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $4.07 billion.
Molina expects full-year earnings to be $10.50 to $11 per share, with revenue expected to be $16.4 billion.
Molina shares have risen 11% since the beginning of the year. In the final minutes of trading on Monday, shares hit $128.67, an increase of 52% 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