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