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Centene profit and revenue rise above expectations, full-year outlook lifted

Centene Corp. (CNC) reported Tuesday first-quarter profit and revenue that rose above expectations, amid strength in its Medicare and Medicaid businesses, and raised its full-year earnings outlook. The health care services company's stock was still inactive in premarket trading. Net income rose to $849 million, or $1.44 a share, from $699 million, or $1.19 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.83 beat the FactSet consensus of $1.68. Total revenue grew 24.0% to $37.19 billion, above the FactSet consensus of $34.52 billion. Medicare revenue rose 33% to $5.76 billion and Medicaid revenue increased 19% to $24.08 billion. For 2022, the company raised its adjusted EPS guidance range to $5.40 to $5.55 from $5.30 to $5.50. The stock has gained 3.0% year to date through Monday, while the S&P 500 has lost 9.9%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

04-26-22 0628ET

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