Centene's (CNC) Q3 Earnings And Revenues Beat Estimates
Zacks Investment Research | Oct 21, 2019 11:55PM ET
Centene Inc. (NYSE:CNC) delivered third-quarter 2019 adjusted earnings per share of 96 cents, beating the Zacks Consensus Estimate by 1.1%. Also, the bottom line improved 5.6% year over year on the back of higher revenues.
In the third quarter, total revenues rose 17% to $19 billion from the year-ago period, primarily aided by the Health Insurance Marketplace business, expansions and new programs across many states in 2018 as well as 2019. Moreover, the top line surpassed the Zacks Consensus Estimate by nearly 3.3%. However, this upside was offset by the health insurer fee moratorium to some extent.
Quarterly Operational Update
As of Sep 30, 2019, managed care membership came in at 15.3 million, up 6% year over year.
Health Benefit Ratio (HBR) for the reported quarter was 88.2% compared with 86.3% in the prior-year period.
Adjusted Selling, General & Administrative (SG&A) expense ratio was 8.8% for the third quarter of 2019 compared with 10% for the same period last year.
Centene Corporation Price, Consensus and EPS Surprise
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