Centene Reports Strong Q2 2024 Results with $1.1 Billion Profit, Shares Surge

Jul 26, 2024, 10:30 AM

Centene Corp reported strong second-quarter 2024 results, beating Wall Street estimates. The company announced it was no longer required to make a $1.3 billion payment related to its Medicaid offerings. Centene's adjusted earnings per share (EPS) for Q2 2024 were $2.42, up from $2.05 in the previous year, and revenue increased to $39.84 billion from $36.48 billion. The health benefits ratio was 87.6%, slightly above the estimated 87.2%. Centene reaffirmed its 2024 adjusted diluted EPS guidance floor of greater than $6.80 and still sees adjusted EPS above $6.84. The company's shares saw their largest jump since 2022, as the results eased investors' concerns about Medicaid costs impacting profits. Centene posted a $1.1 billion profit for the quarter.