UPDATE: Amerigroup Posts Upbeat Q1 Profit

Amerigroup Corp AGP reported a better-than-expected first-quarter profit. Amerigroup's quarterly net income dropped to $33.1 million, or $0.64 per share, from $70.5 million, or $1.37 per share, in the year-earlier period. However, analysts were expecting earnings of $0.56 per share. Total revenue surged 15% to $1.77 billion, versus analysts' estimates of $1.81 billion. Amerigroup shares closed at $62.60 yesterday.