Molina Healthcare, Inc. (MOH) has reported 220.83 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $77 million, or $1.37 a share in the quarter, compared with $24 million, or $0.43 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $83 million, or $1.47 a share compared with $29 million or $0.51 a share, a year ago.

Revenue during the quarter grew 12.92 percent to $4,904 million from $4,343 million in the previous year period. Net premium earned for the quarter increased 15.96 percent or $655 million to $4,759 million.

Operating income for the quarter was $82 million, compared with $89 million in the previous year period.

Life insurance division has clocked in a premium of $4,648 million on net basis during the quarter, up 16.35 percent or $653 million. At the same time, net premium received from other insurance division for the quarter was at $111 million, up 1.83 percent or $2 million from year-ago period.

Net investment income was at $14 million for the quarter, up 55.56 percent or $5 million from year-ago period.

"While we are pleased with the results we reported today, we understand that they represent only one step along the path to improving on our 2016 results," said Joseph White, interim chief executive officer and chief financial officer of Molina Healthcare, Inc. "Our entire Company is focused on improving our profitability in 2017 and beyond."

For fiscal year 2017, Molina Healthcare projects net income to be $147 million. The company expects adjusted net income to be $169 million. The company expects diluted earnings per share to be $2.53. The company projects diluted earnings per share to be $2.90 on adjusted basis.

The company has spent $339 million cash to meet investing activities during the quarter as against cash outgo of $314 million in the last year period.

The company has spent $1 million cash to carry out financing activities during the quarter as against cash inflow of $2 million in the last year period.

Cash and cash equivalents stood at $3,198 million as on Mar. 31, 2017, up 48.33 percent or $1,042 million from $2,156 million on Mar. 31, 2016.

Liabilities outpace assets growth
Total assets increased 11.90 percent or $855 million to $8,038 million on Mar. 31, 2017. On the other hand, total liabilities were at $6,311 million as on Mar. 31, 2017, up 12.84 percent or $718 million from year-ago.

Return on assets stood at 1.28 percent in the quarter, up 0.60 from 0.68 percent in the last year period. At the same time, return on equity was at 4.46 percent in the quarter, up 2.95 from 1.51 percent in the last year period.

Shareholders equity stood at $1,727 million as on Mar. 31, 2017, up 8.62 percent or $137 million from year-ago. As a result, debt to equity ratio went up 6 basis points to 0.96 percent in the quarter from 0.89 percent in the last year period.