Centene Backs FY24 Adj. EPS View Below Market, Lifts Revenue Forecast Above Street; Stock Climbs

Centene

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Kaufen / Verkaufen

(RTTNews) - Healthcare enterprise Centene Corp. (CNC), while reporting higher third-quarter results, on Friday trimmed its fiscal 2024 earnings view on a reported basis, but maintained adjusted earnings outlook below market. Further, the company lifted annual revenue view, abouve the Street estimate.

In pre-market activity on the NYSE, Centene shares were gaining around 12 percent to trade at $69.00.

For fiscal 2024, the company now expects earnings per share on a reported basis of greater than $5.92, compared to previously expected greater than $5.94.

Further, adjusted earnings per share for the year is still expected in the floor of greater than $6.80.

Analysts on average expect the company to earn $6.82 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, the company has updated 2024 total revenue guidance to $159 billion to $161 billion from previous estimate of $155.0 billion to $157.0 billion, while analysts estimate $155.59 billion.

Premium and service revenues are now projected to be $143.5 billion to $144.5 billion, higher than previous outlook of $141.0 billion to $143.0 billion

In its third quarter, Centene profit increased from last year and beat the Street estimates. The company's bottom line came in at $713 million, or $1.36 per share, compared to $469 million, or $0.87 per share last year.

Adjusted earnings were $1.62 per share for the period. Analysts had expected the company to earn $1.38 per share.

The company's revenue for the quarter rose 10.5 percent to $42.023 billion from $38.042 billion last year.

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