Molina Healthcare Q1 Profit Plunges

(RTTNews) - Molina Healthcare, Inc. (MOH) Thursday reported first-quarter net income of $4.5 million or $0.09 per share, compared to $29.9 million or $0.64 per share in the comparable quarter last year.

Net income from continuing operations plunged to $4.8 million or $0.10 per share from $30.5 million or $0.65 per share in the year-ago period.

Adjusted net income from continuing operations were $30.3 million or $0.64 per share, compared to $50.1 million or $1.08 per share last year.

On average, 16 analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the latest first quarter were $2.07 billion, up from $1.59 billion last year, while ten analysts expected revenues of $2.06 billion.

For fiscal 2014, the company reaffirmed its guidance and now expects net income from continuing operations of $1.65 per share to $2.15 per share and adjusted net income from continuing operations of $4.00 per share to $4.50 per share. Analysts now expect earnings of $1.93 per share.