Molina Healthcare Inc. said its fourth quarter net income fell due to higher medical costs, but the managed care provider’s performance met Wall Street estimates.

The Long Beach company late Wednesday reported net income of $15.5 million (58 cents per share), compared with net income of $17.9 million (63 cents) a year earlier. Revenue rose nearly 20 percent to $813 million on increased membership and higher premium payments. Those gains were offset by higher expenses, which rose 21 percent to $785 million.

The results were in line with expectations of analysts surveyed by Thomson Reuters, which forecast earnings of 58 cents per share.

Full year net income was $62.4 million ($2.25), compared with net income of $58.3 million ($2.05) in 2007

For 2009, the company, which provides managed care primarily to Medi-Cal and Medicare patients, confirmed prior guidance of profit between $2.20 and $2.40 a share on revenue of approximately $3.6 billion. Analysts expect earnings per share of $2.25 on revenue of $3.01 billion.

“The challenges of 2009 provide us with the opportunity to strengthen our business as we continue to provide quality care to those who most need it,” Chief Executive J. Mario Molina said in a statement.

Molina shares were up 92 cents, or 5 percent, to $20.12 in morning trading on the New York Stock Exchange.