ORANGE, Calif. (AP) 鈥� ORANGE, Calif. (AP) 鈥� Alignment Healthcare Inc. (ALHC) on Thursday reported first-quarter net income of $11.4 million, after reporting a loss in the same period a year earlier.
The Orange, California-based company said it had profit of 5 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.
The Medicare Advantage insurer posted revenue of $1.24 billion in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $1.22 billion.
Alignment Healthcare shares have increased 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $22.54, an increase of 27% in the last 12 months.
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