LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Tuesday reported third-quarter profit of $175 million.
On a per-share basis, the Long Beach, California-based company said it had net income of $2.75. Earnings, adjusted for amortization costs, were $2.80 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.71 per share.
The provider of Medicaid-related services posted revenue of $4.24 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $4.12 billion.
Molina expects full-year earnings to be $11.30 to $11.55 per share, with revenue expected to be $16.8 billion.
Molina shares have increased slightly more than 7% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $124.76, climbing slightly in the last 12 months.