Healthcare service provider Centene Corporation (NYSE: CNC) announced third-quarter 2024 results, reporting higher revenue and a decline in adjusted profit.
- Total revenues increased to $42.02 billion in the third quarter from $38.04 billion in the comparable period a year earlier
- Adjusted earnings declined 19% year-over-year to $1.62 per share during the three months
- Premium and service revenues were $36.9 billion in Q3, up 6%; memberships grew 22% in Marketplace
- The health benefits ratio was 89.2% in the September quarter, which represents an increase from 87.0% last year
- The cash flow used in operating activities was $978 million during the three months
- The company repurchased 16.3 million shares for $1.2 billion in the third quarter
- The management expects full-year EPS to be above $5.92 and adjusted EPS to be greater than $6.80
- The company has completed the sale of Collaborative Health Systems, a management services organization