Why Evolent Health Was Such a Healthy Stock Today
Healthcare administrative-services provider Evolent Health (NYSE: EVH) was a standout stock on Tuesday. The company's shares were floating nearly 5% higher as of midafternoon, eclipsing the gains of even the frothy S&P 500 index on the day. There was a very good reason for this.
Evolent's second-quarter results, released after market hours on Monday, showed that the company booked just under $320 million for the period, which was a robust 44% higher than the year-ago quarter. Even more encouraging, Evolent flipped to an adjusted net profit of slightly more than $9.4 million ($0.10 per share) against the year-ago loss of over $1.9 million.
Analysts tracking the stock were expecting that flip, but not to that degree. On average, they were modeling $0.05 per share in adjusted net profit. Evolent also beat on revenue, as the prognosticators were collectively anticipating the company would take in just shy of $299 million.
Source Fool.com
