Tuesday, Centene Corp. (CNC), a multi-line healthcare enterprise, reported an increase in second quarter profit backed by higher revenues. Net income, on a per share basis, was inline with the analysts estimates of $0.46 per share. Further, the company raised its earnings guidance for the full year 2009.
The St. Louis, Missouri-based company reported second-quarter net earnings attributable to common shareholders of $20.23 million or $0.46 per share, compared to $18.20 million or $0.41 per share in the same quarter last year. Net income from continuing operations attributable to common shareholders was $20.7 million or $0.47 per share, up from $17.9 million or $0.40 per share in the year ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased to $1.04 billion from $823.93 million in the comparable quarter last year. Analysts expected the company to report revenue of $946.70 million for the quarter.
Total operating expenses increased to $1.01 billion from $796.05 million in the previous year quarter. Earnings from operations were $31.44 million, up from $27.88 million in the prior year quarter.
For the six-month period, net income attributable to common shareholders was $38.69 million or $0.88 per share, compared to $43.83 million or $0.98 per share in the same period last year. Earnings from continuing operations attributable to common shareholders was $39.62 million or $0.90 per share, down from $42.82 million or $0.96 per share in the previous year period.
Revenue for the six-month period increased to $1.97 billion from $1.60 billion in the comparable period last year.
Looking ahead to the full year 2009, the company raised its earnings outlook to a range of $1.88 - $1.96 per share, from a previous guidance range of $1.84 - $1.94 per share. Analysts currently expect the company to earn $1.92 per share for the full year.
The company also expects to report premium and service revenues in the range of $3.75 million - $3.85 million for the full year 2009.
CNC is currently trading at $19.79, up $1.81 or 10.07%, on a volume of 0.38 million shares on the NYSE.
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