Molina Healthcare Posts Drop in 1Q Profit

Dow Jones04-25

By Sabela Ojea

Molina Healthcare reported a drop in profit in the latest quarter, as it dealt with higher operating expenses.

The Long Beach, Calif.-based healthcare company on Wednesday posted a first-quarter net profit of $301 million, or $5.17 a share, compared with $321 million, or $5.52 a share, for the same period a year ago.

Stripping out one-time items, earnings per share came in at $5.73. Analysts had expected adjusted earnings of $5.68 a share, according to FactSet.

Revenue climbed 22% to $9.93 billion, ahead of analyst estimates for $9.51 billion.

Total operating expenses rose 24% to $9.91 billion.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 24, 2024 16:31 ET (20:31 GMT)

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