Centene Backs FY23 EPS View Below Market; Lifts FY24 EPS Outlook; Upsizes Stock Repurchase By $4 Bln

(RTTNews) - Healthcare enterprise Centene Corp. (CNC) Tuesday reaffirmed its earnings outlook for fiscal 2023 and lifted its earnings forecast for fiscal 2024. However, earnings expectations for both these years are below The Street estimates.

Also, the firm upsized the existing share repurchase program by additional $4 billion. The new program will be added to the existing $1.2 billion share repurchase program.

For fiscal 2023, Centene continues to expect adjusted earnings to be at least $6.60. Analysts, on average, polled by Thomson-Reuters expect earnings to be $6.67 for the year. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, Centene sees net earnings per share to be greater than $5.61.

The company now anticipates its adjusted earnings to be more than $6.70 per share in 2024, while it previously expected it to be more than $6.60. Analysts expect it to stand at $6.77.

The company said that it expects revenue to be in the range of $142.5 billion to $145.5 billion in 2024, which is above the analysts' estimate of $142.12 billion.

Centene plans to report fiscal 2023 earnings results on February 6.

In pre-market activity, Centene's stock is climbing 1.23%, to $75.16, on the New York Stock Exchange.