LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Tuesday reported second-quarter profit of $196 million.
The Long Beach, California-based company said it had profit of $3.06 per share. Earnings, adjusted for one-time gains and costs, came to $3.11 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.56 per share.
The provider of Medicaid-related services posted revenue of $4.19 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $4.07 billion.
Molina expects full-year earnings to be $11.20 to $11.50 per share, with revenue expected to be $16.7 billion.
Molina shares have increased 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $135.68, a climb of 32% in the last 12 months.