Earnings Summary: Centene Corp’s Q2 2024 revenue and profit increase

Healthcare service provider Centene Corporation (NYSE: CNC) on Friday announced second-quarter 2024 results, reporting an increase in revenues and adjusted earnings.

• Total revenues advanced to $39.84 billion in the second quarter from $37.61 billion in the comparable period a year earlier
• Adjusted earnings increased 15% annually to $2.42 per share during the three months
• Premium and service revenues were $36.0 billion in Q2, up 3%; memberships grew 34% in Marketplace
• The health benefits ratio was 87.6% in the June quarter, which represents an increase from 87.0% last year
• Cash flow provided by operations came in at $2.2 billion during the three months
• The company repurchased 10.7 million shares for $800 million in the second quarter
• The management reaffirmed its full-year EPS guidance at above $5.94 and adjusted EPS guidance at greater than $6.80.
• The company has agreed to sell Collaborative Health Systems, its management services division, to Astrana Health