Centene Raises 2023 Guidance

(RTTNews) - Centene Corp. (CNC) increased full year 2023 adjusted EPS guidance by $0.05 to at least $6.45. GAAP EPS is projected to be at least $5.60. The company also increased its 2023 premium and services revenues guidance range by $1.8 billion to reflect an additional $1.0 billion of Medicaid and Commercial premiums as well as $800 million for Medicaid state-directed payments. Premium and service revenues are now expected in the range of $137.0 billion to $139.0 billion. Total revenues are anticipated to be in a range of $147.3 billion to $149.3 billion.

Second quarter net profit to Centene was $1.06 billion or $1.92 per share compared to a loss of $172 million or $0.29 per share, last year. Adjusted EPS was $2.10, up over 18% from $1.77 in the second quarter of 2022. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $2.03, for the quarter. Analysts' estimates typically exclude special items.

Second quarter total revenues increased to $37.61 billion from $35.94 billion, prior year. Premium and service revenues increased 3% to $34.8 billion from $34.0 billion in the comparable period of 2022. Analysts on average had estimated $36.47 billion in revenue.

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