UPDATE: Centene Q3 Profit Down 87%

Centene

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.