Two Big Earnings: Molina Healthcare & Anadarko Petroleum (NYSE:MOH, APC)
Molina Healthcare, Inc.(NYSE:MOH), the health insurer, reported a 4%rise in the profit in the first quarter powered by an expansion in Texas business.
The company reported net income of $18.1 million, or 39 cents a share, from a year ago profit of $17.4 million, or 38 cents a share, topping analysts’ expectations by a penny. The revenue grew 23% year-over-year, to $1.37 billion, again ahead of analysts’ target of $1.36 billion with approximately 300,000 members in Texas currently, Molina’s membership in Texas more than doubled. The series of new contracts that Molina’s Texas business won have been the driving force for the March quarter.
The company expects a profit of about $1.75 per share in 2012 more or less in synch with the analysts forecast of $1.76 per share on average.
On Monday, Share of Molina Healthcare lost 85 cents, or 3.2 percent, to close at $25.65.
Late Monday, Anadarko Petroleum Corporation(NYSE:APC) reported a sharp jump in its first-quarter profit mainly driven by an one time settlement of a tax dispute gain $1.8 billion with Algeria.
The company said that it earned $2.16 billion, or $4.28 per share, in the first three months of the year in comparison with the net income of $216 million, or 43 cents a share, a year ago.
Several one time items increased the net income by $ 1.68 billion or $ 3.36 per share. The net income included a $1.8 billion gain as a result of the tax settlement, $142 million on unrealized gains on derivatives and an $8 million loss related to the 2010 Gulf of Mexico oil well explosion that killed 11 men and spewed millions of gallons of oil into the sea. Had the one-time items excluded from the list, the company would have earned barely 92 cents per share in the most recent quarter.
Revenue rose to $3.45 billion from $3.25 billion a year ago. On an adjusted basis, analysts were estimating the company to report 83 cents per share on revenue of $3.39 billion. The sales volumes totalled 64 million barrels of oil equivalent, compared with 62 million barrels of oil equivalent in the first quarter of 2011.
Anadarko expects the sales volumes for the second quarter to range between 64 million and 66 million barrels of oil equivalent. For the year, it forecast 258 million barrels to 262 million barrels of oil equivalent.
Shares of APC rose over 1% in the pre-market session.