🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Centene shares up 3% on beat and raise

EditorRachael Rajan
Published 26/04/2024, 11:38
© Reuters.
CNC
-

ST. LOUIS - Centene Corporation (NYSE: NYSE:CNC) reported a robust first quarter for 2024, with adjusted earnings per share (EPS) and revenue surpassing Wall Street's expectations. The healthcare company also lifted its full-year guidance for 2024, sending its shares up by 3.07% as the market responded positively to the news.

For the quarter ended March 31, 2024, Centene announced an adjusted EPS of $2.26, which was $0.18 higher than the analyst estimate of $2.08. Total revenue reached $40.41 billion, significantly exceeding the consensus estimate of $36.54 billion and marking a 4% increase from the $35.0 billion reported in the same quarter of the previous year. This revenue growth was attributed to a 41% membership increase in the Marketplace and was partly offset by divestitures and lower Medicaid membership.

The company's performance was bolstered by strategic growth initiatives and a focus on increasing access to affordable healthcare. "We are executing against our strategic plans for growth and increasing access to affordable, high-quality healthcare for our members and the communities we serve," said CEO Sarah M. London.

Looking ahead, Centene has raised its full-year 2024 adjusted diluted EPS guidance to greater than $6.80, which is above the analyst consensus of $6.77. This updated outlook reflects Centene's confidence in its diversified platform and the momentum generated by its core businesses.

The company's financial health is further demonstrated by its operational achievements, including the commencement of statewide contracts in Oklahoma and the selection of its Michigan subsidiary by the Michigan Department of Health and Human Services to continue serving as a Medicaid health plan.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.