LONG BEACH, Calif. (AP) _ Molina Healthcare Inc. (MOH) on Wednesday reported a fourth-quarter loss of $91 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Long Beach, California-based company said it had a loss of $1.64. Earnings, adjusted for non-recurring costs, came to 63 cents per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.
The provider of Medicaid-related services posted revenue of $4.46 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $4.52 billion.
For the year, the company reported profit of $8 million, or 14 cents per share. Revenue was reported as $17.71 billion.
Molina shares have increased 10 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $59.89, a rise of 3 percent in the last 12 months.
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