Amerigroup Blows Past Earnings Estimates (AGP)
July 30, 2010 7:14 AM
Virginia Beach, Virginia based health insurer Amerigroup Corporation (NYSE: AGP) on Monday morning released financial results that more than doubled Wall Street's earnings expectations.
Amerigroup Corporation (AGP) reported that its 2nd quarter net income climbed to $67.2 million, or $1.31 per share, up from $49.6 million, or 94 cents per share, a year earlier.
Total revenues climbed 11.3% to $1.43 billion, up from $1.28 billion a year earlier.
A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 62 cents per share, on revenue of $1.43 billion.
Chairman and chief executive officer James G. Carlson said, "We are pleased with our performance in the second quarter and first-half of the year. More than any other time in our history, our state partners need the value we offer – expanded access to care, better coordination of services and clinical outcomes, as well as cost containment for their Medicaid-dependant populations."
Amerigroup Corporation closed the previous trading day at $32.95 per share. Analysts covering the company's stock have a consensus price target of $40.50 per share.
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