Molina's profit climbs 40% in Q2

Molina Healthcare saw significant gains in its revenue and profit in the second quarter of fiscal year 2020 as members deferred care amid the COVID-19 pandemic.

Revenues grew 10 percent for Molina in the second quarter of this year to $4.6 billion, compared to $4.2 billion in the same period last year. 

While expenses grew about 6.8 percent year over year, the insurer's operating income climbed 60 percent to $424 million. The insurer estimates the effects of COVID-19 increased second-quarter after-tax income by about $65 million to $100 million. 

Molina ended the second quarter with a $276 million profit, up more than 40 percent compared to the same period last year.

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