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UPDATE: Centene Q3 Profit Down 87%

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Centene (NYSE: CNC) reported an 87% drop in its third-quarter earnings.

Centene lowered its full-year earnings forecast to $0.56 to $0.66 per share and lifted its revenue forecast to $8.1 billion to $8.3 billion

Centene's quarterly profit fell to $3.82 million, or $0.07 per share, from $28.99 million, or $0.55 per share, in the year-ago period. Excluding items, its adjusted earnings came in at $0.78 per share.

Its revenue gained 88% to $2.45 billion. However, analysts were expecting earnings of $0.47 per share on revenue of $2.23 billion.

Centene's medical costs rose 93%.

Centene shares closed at $38.41 yesterday.

Posted-In: profitEarnings News Guidance

 

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