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Molina Healthcare’s first quarter profits lower than forecast
Los Angeles Business Journal

Shares of Molina Healthcare Inc. plummeted Friday after the provider of Medicaid-related services reported disappointing first-quarter profits.

Long Beach-based Molina(NYSE: MOH) said it had earnings of $24 million, or 43 cents per share, down from $28 million, or 56 cents per share, a year ago. The company said the main reason for the decline in earnings was reduced Medicaid expansion premium rates that lowered income before taxes by about $50 million.