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Centene Corp Q1 Net Income Slips; Revises FY 2012 Guidance - Quick Facts

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Centene Corp. (CNC: Quote) Tuesday reported net ear nings of $23.97 million for the first quarter of fiscal 2012, flat with net earnings of $23.74 million reported for the coerresponding first quarter of last year.

Earnings per diluted share for the first quarter of 2012 declined to $0.45 from $0.46 per diluted share reported for the year-ago quarter.

Commenting on the results, Michael F. Neidorff, Chairman and Chief Executive Officer, stated, "While underlying trend remains predictable, results were mixed due to seasonality of medical costs particularly in March, continued high medical costs in Kentucky, and general and administrative costs at higher levels associated with an additional 370,000 members in Texas…"

Seventeen analysts polled by Thomson Reuters estimated earnings of $0.49 per share for the first quarter. Analysts' estimates usually exclude special items.

Total Revenue for the first quarter increased to $1.71 billion from $1.22 billion reported for the year-ago quarter. Of the total revenues, , premium revenues were $1.64 billion in this quarter compared with $1.15 billion in the corresponding quarter last year.

Nine analysts polled by Thomson Reuters estimated revenues of $1.64 billion for the first quarter.

Looking ahead for full year 2012, the company has revised its Earnings outlook and now expects EPS in the range between $2.64 to $2.84 from its earlier guidance range between $2.60 to $2.80 per share.

The company has also revised its Revenue guidance for 2012 upwards and now expects Revenue to range between $7.70 billion and $8.10 billion from its earlkier guidance range between $7.20 billion to - $7.60 billion.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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