Categories Earnings, Health Care

Earnings Summary: Highlights of Centene Corp’s Q4 2023 financial results

Healthcare service provider Centene Corporation (NYSE: CNC) on Tuesday announced fourth-quarter 2023 results, reporting an increase in revenues and a fall in adjusted earnings.

  • Fourth-quarter revenue increased to $39.46 billion from $35.56 billion in the prior year quarter
  • Premium and Service revenues moved up 5% to $35.3 billion in Q4 from $33.6 billion in the comparable period of 2022
  • Net income was $45 million or $0.08 per share in Q4, compared to a loss of $213 million or $0.38 per share last year
  • Adjusted earnings declined to $0.45 per share in the fourth quarter from $0.86 per share in the same period last year
  • The health benefits ratio was 89.5%, representing an increase from 88.7% in the year-ago period
  • The company generated cash flow from operations of $217 million for the December quarter
  • As of December 31, 2023, Centene had cash, investments, and restricted deposits of $37.3 billion
  • During the quarter, the Company repurchased 397 thousand shares for $27 million
  • The management raised its 2024 Premium & Service revenue guidance by $2.5 billion to $134.5-$137.5 billion

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