- Centene Corp CNC has reported a Q3 FY22 adjusted EPS of $1.30, compared to $1.26 a year ago, beating the consensus estimate of $1.24.
- Sales increased 11% Y/Y to $35.87 billion, slightly beating the consensus of $35.47 billion.
- The Health Benefits Ratio of 88.3% was up from 88.1% a year ago due to a return to more normalized traditional Medicaid medical utilization.
- Managed care membership reached 26.76 million, +4.53% Y/Y.
- "Our strong third quarter and year-to-date results provide Centene with positive momentum as we move towards 2023," said Sarah M. London, Chief Executive Officer of Centene. "Selecting our future PBM partner represents a major Value Creation Plan milestone and positions us to capture significant value for our members, partners, and stakeholders in 2024 and beyond."
- FY 2022 Guidance: Centene has updated its sales guidance to $142.7-$144.7 billion (consensus of $143.63 billion), vs. the prior guidance of $141.6-$143.6 billion. It expects Premium and Service Revenues of $134-$136 billion (prior view $133.3-$135.3 billion).
- The company expects an adjusted EPS of $5.65-$5.75 compared to the previous range of $5.60 - $5.75 vs. the consensus of $5.71.
- Price Action: CNC shares are up 6.13% at $80.46 on the last check Tuesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.