Cigna's stock jumps 2.7% after earnings beat estimates and company raises guidance

Cigna Group's stock (CI) rose 2.7% early Thursday, after the healthcare and insurance company posted better-than-expected first-quarter earnings and raised its guidance. The company had a net loss of $277 million, or 97 cents a share, for the quarter, after income of $1.267 billion, or $4.24 a share, in the year-earlier period. The loss was due to a noncash after-tax investment loss of $1.8 billion related to the impairment of VillageMD equity securities. Excluding one-time items, the company had per-share earnings of $6.47, well ahead of the $6.22 FactSet consensus. Revenue rose to $57.255 billion from $46.517 billion a year ago, also ahead of the $56.594 billion FactSet consensus. CEO David M. Cordani said growth was driven by the Evernorth and Cigna Healthcare businesses. Cigna is raising its full-year adjusted EPS guidance by 15 cents to at least $28.40. The stock has gained 19% in the year to date, while the S&P 500 has gained 5.2%.

-Ciara Linnane

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05-02-24 0614ET

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