On October 25, 2023, Molina Healthcare Inc (MOH, Financial) released its third quarter 2023 financial results. The company reported GAAP earnings per diluted share of $4.21 and adjusted earnings per diluted share of $5.05. The company served approximately 5.2 million members, marking a 1% increase year over year.
Financial Highlights
The premium revenue for the third quarter of 2023 was approximately $8.2 billion, an increase of 8% year over year. The GAAP net income was $4.21 per diluted share for the third quarter of 2023, an increase of 7% year over year. The adjusted net income was $5.05 per diluted share for the third quarter of 2023, an increase of 16% year over year.
Income Statement Summary
The total revenue for the third quarter of 2023 was $8,548 million, compared to $7,927 million for the same period in 2022. The net income for the third quarter of 2023 was $245 million, compared to $230 million for the same period in 2022. The EPS Diluted for the third quarter of 2023 was $4.21, compared to $3.95 for the same period in 2022.
Balance Sheet and Cash Flow Statement Summary
As of September 30, 2023, the company had cash and investments at the parent company of $481 million, compared to $375 million as of December 31, 2022. The operating cash flow for the nine months ended September 30, 2023, was $2,352 million, compared to $985 million for the same period in 2022.
Company's Performance Analysis
Joseph Zubretsky, President and Chief Executive Officer, commented on the company's performance,
We are very pleased with our third-quarter performance. We have maintained our attractive margin profile during this unprecedented industry-wide redetermination process while continuing to generate double-digit growth."
2023 Guidance
The company affirms its full-year 2023 adjusted earnings per share guidance of at least $20.75, reflecting third quarter results that were largely consistent with the company’s expectations, in addition to considerations of seasonality and conservatism.
Explore the complete 8-K earnings release (here) from Molina Healthcare Inc for further details.
