Centene Corp. (CNC: Quote) updated its 2012 guidance. The company now expects: Premium and Service Revenues in the range of $8.1 billion to $8.3 billion; and earnings per share in the range of $0.10 to $0.20.
Analysts polled by Thomson Reuters currently expect the company to report 2012 profit per share of $1.47 on revenue of $8.60 billion. Analysts' estimates typically exclude special items.
Centene said the change in 2012 EPS guidance to $0.10 to $0.20 from $0.56 to $0.66 is due to higher medical costs associated with: an earlier and more intensive flu season in the company's largest markets; an increase to previously disclosed premium deficiency reserve for Kentucky; and in Texas, the off-cycle transfer of higher acuity members from another health plan and higher than anticipated utilization in the Hidalgo Star and Medicaid Rural Service Areas business.
The company also announced its 2013 financial guidance. For 2013, the company expects: earnings per share of approximately $2.60 to $2.90; and Premium and Service Revenues in the range of $9.7 billion to $10.0 billion.
Analysts expect the company to report 2013 profit per share of $2.85 on revenue of $10.27 billion.
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by RTT Staff Writer
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