Centene Corporation,(CNC), a healthcare insurer and service provider, Tuesday posted a lower profit for the first quarter in spite of increase in revenues particularly reflecting lower noncontrolling interest. However, earnings beat analyst estimates.
For the three-month period, the company reported net earnings of $23 million or $0.42 per share compared with $24 million or $0.45 per share million reported last year.
On average, eighteen analysts polled by Thomson Reuters expected earnings per share of $0.37 for the first quarter. Analysts' estimates typically exclude one-time items.
The company recorded Premium and Service Revenues of $2.6 billion dollar, a 53 percent increase from $1.7 billion reported prior year quarter. Analysts estimated revenues to be $2.46 billion. The increase was primarily driven by the Texas, Mississippi, and Louisiana expansions, pharmacy carve-in in Texas and Louisiana, and the additions of the Kansas, Missouri and Washington contracts.
For the full year, the company projects net earnings to be in the range of $2.60 to $2.90 per share, while The Street expects net earnings to be $2.67 per share.
Monday, Centene Corp. closed at $45.35 on the NYSE.
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