LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Thursday reported second-quarter net income of $276 million.
On a per-share basis, the Long Beach, California-based company said it had net income of $4.65. Earnings, adjusted for one-time gains and costs, came to $4.79 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $4.70 per share.
The provider of Medicaid-related services posted revenue of $4.62 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $4.7 billion.
Molina expects full-year earnings in the range of $11.20 to $11.70 per share, with revenue expected to be $18.8 billion.
Molina shares have climbed 39% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $188.28, a climb of 37% in the last 12 months.