Centene Q1 Earnings Beat Estimates on Strong Medicare Performance, Lifts FY23 Earnings Outlook - Centene (NYSE:CNC)

Centene Corp (NYSE: CNC) has reported a Q1 FY23 adjusted EPS of $2.11, compared to $1.83 a year ago, slightly beating the consensus of $2.10.
Sales increased 4.58% Y/Y to $38.89 billion, beating the consensus of $35.95 billion.
A health benefits ratio of 87% represents a decrease from 87.3% driven by continued disciplined Marketplace pricing and favorable Medicare performance.
Managed care membership reached 28.45 million, +8.45% Y/Y.
The cash flow provided by operations for the first quarter of 2023 was $4.3 billion.
FY 2023 Guidance: Centene has increased FY23 adjusted EPS guidance to at least $6.40 versus $6.25-$6.40 expected earlier versus a consensus of $6.36.
The company expects premium and service revenues of $135.2-$137.2 billion compared to $131.5-$133.5 billion expected earlier.
Centene forecasts FY23 revenues of $144.5-$146.5 billion compared to the consensus of $140.7 billion.
The company updated the 2024 Adjusted EPS target to over $6.60, reflecting an updated view of Medicaid redeterminations, Medicare bid strategy, and business investments.
Price Action: CNC shares are up 3.56% at $70.07 on the last check Tuesday.

Why Centene Stock Is Trading Higher Today