Molina Healthcare Inc. is leaving the Affordable Care Act health plan exchange market in Utah and Wisconsin as part of a cost-cutting plan, it said last week.

The Long Beach company reported a net loss of $230 million for the second quarter, or $4.10 a diluted share. Molina said the restructuring will reduce expenses by $300 million to $400 million when it is completed next year.

The company indicated that Utah and Wisconsin have been particular sore spots for operations tied to the Affordable Care Act, also known as Obamacare. Conditions also have been difficult in Florida, Washington state, Illinois, New Mexico and Puerto Rico, although Molina didn’t announce plans to exit those markets.

The company’s board in May ousted the sons of the insurance firm’s founder from their positions as chief executive and CFO.

The company ranked No. 10 on the Business Journal’s list this year of the largest health insurers in Los Angeles County with 683,000 enrolled locally in 2017.

Shares of Molina closed Aug. 2 at $66.24, down 5 percent from a week earlier but up 16.2 percent from a year ago, at a market cap of $3.76 billion.

– Neil Nisperos