Amerigroup Blows Past Earnings Estimates (AGP)

Virginia Beach, Virginia based health insurer Amerigroup Corporation 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. Read more from Benzinga's Company news.