Molina Healthcare Q1 Profits Decline
Long Beach-based insurer Molina Healthcare reported that first-quarter profit declined by 42% because of increased medical costs, Reuters/Los Angeles Times reports.
Net profit for the company was $8.6 million, or 31 cents per share, compared to $14.8 million, or 53 cents per share, in the same period last year. Revenue increased 15% to $453 million in the quarter.
Analysts had expected profits of 26 cents per share (Reuters/Los Angeles Times, 5/5).