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
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