Molina Healthcare (NYSE: MOH) reported Q2 EPS of ($4.10), versus the analyst estimate of $0.86. Revenue for the quarter came in at $5 billion versus the consensus estimate of $4.87 billion.

• Net loss of $230 million for the quarter, or $4.10 per diluted share.
• Restructuring plan now underway is expected to reduce annualized run-rate expenses by $300 million to $400 million upon completion in 2018.
• $200 million total reduction to annualized run-rate expenses resulting from staff reductions expected to be achieved by the end of 2017 in time for full realization in 2018.
• Annualized salary eliminations of $55 million achieved so far in the third quarter of 2017.
• Direct delivery operations will be restructured during the second half of 2017.
• 2018 Marketplace participation to be terminated in Utah and Wisconsin; additional states in review.
• 2017 earnings per share guidance withdrawn.

“We are disappointed with our bottom-line results for this quarter and have taken aggressive and urgent steps to substantially improve our financial performance going forward,” said Joseph White, chief financial officer and interim president and chief executive officer of Molina Healthcare, Inc. “Following a thorough review of our business operations, we have begun to implement a Company-wide restructuring plan that we expect will reduce annualized run-rate expenses by between $300 million and $400 million by late 2018 when fully implemented, with approximately $200 million of these run-rate reductions expected to be achieved by the end of 2017 and in time for full realization in 2018. In the past, we have been focused on top line growth, often at the expense of bottom line results. While we expect to enjoy continued RFP and organic growth in our Medicaid managed care business, we are now intensively focused on improved operating performance and efficiency as the path to greater profitability and shareholder returns.”

For earnings history and earnings-related data on Molina Healthcare (MOH) click here.