Molina Healthcare Net Income Doubles
Molina Healthcare Inc. said its fourth-quarter profit more than doubled to $11.9 million, or 46 cents a share, from $4.9 million, or 24 cents, a year ago.
The Long Beach managed-care company, which specializes in serving people on Medicaid and low-income individuals, attributed the results to increases in both membership and premiums. Its membership grew 15.3% last year to 564,000 members in California, Washington, Michigan and Utah.
Molina posted a full-year profit of $42.5 million, or $1.88 a share, up from $30.5 million, or $1.48, a year ago. The company, which went public in July, raised its forecasts to 39 to 40 cents a share for the first quarter of 2004 and $1.83 to $1.93 for the full year.
The news was released after the market closed. Molina’s stock closed at $26.40, up $1.07, on the NYSE.
* Aramark Corp., which provides food services to schools, hospitals and sports stadiums, said fiscal first-quarter profit rose 7.4% as sales increased 8%.
* Yum Brands Inc., operator of the Taco Bell, KFC and Pizza Hut restaurant chains, said fourth-quarter earnings rose 24% as sales climbed overseas. Profit rose to $214 million, or 70 cents a share, from $172 million, or 56 cents, a year earlier.
* Office Depot Inc. said fourth-quarter earnings fell 27% because of costs from ending leases and writing down assets. Net income dropped to $45.8 million, or 15 cents a share, from $62.9 million, or 20 cents, a year earlier.
* American International Group Inc. reported a $2.71-billion fourth-quarter profit as it earned more from life insurance and annuities and expanded in Asia. Net income was $1.03 a share, reversing a net loss of $103.8 million, or 3 cents, a year earlier.
