Centene Backs FY24 Earnings View, Lifts Revenue Forecast - Update

(RTTNews) - Healthcare enterprise Centene Corp. (CNC), while reporting higher second-quarter results, on Friday maintained its fiscal 2024 earnings view, but lifted revenue forecast.

In pre-market activity on the NYSE, Centene shares were gaining around 2.4 percent to trade at $69.04.

For fiscal 2024, the company maintained earnings per share floor of greater than $5.94 and adjusted earnings per share floor of greater than $6.80.

Analysts on average expect the company to earn $6.83 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 $155.0 billion to $157.0 billion, while analysts estimate $149.64 billion.

Centene previously expected total revenues in a range of $147.5 billion to $150.5 billion.

Premium and service revenues guidance range by $5.0 billion to a range of $141.0 billion to $143.0 billion

In its second quarter, Centene reported higher earnings, above market estimates. The company's earnings totaled $1.146 billion, or $2.16 per share. This compares with $1.058 billion, or $1.92 per share, in last year's second quarter.

Adjusted earnings were $1.283 billion or $2.42 per share for the period. Analysts had expected the company to earn $2.07 per share.

The company's revenue for the quarter rose 5.9 percent to $39.836 billion from $37.608 billion last year.

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