Centene Corporation (NYSE:CNC) outlined its 2024 financial guidance and provided updates on its long-term strategic plan.
Centene is a healthcare service provider that offers services to government-sponsored healthcare programs focusing on underinsured and uninsured individuals.
The company forecasts FY24 revenues of $142.5 billion-$145.5 billion compared to the consensus of $142.12 billion. The guidance includes FY24 premium and service revenues guidance of $132.0 billion-$135.0 billion.
Centene expects GAAP diluted earnings per share greater than $5.61, with adjusted diluted EPS greater than $6.70 compared to the consensus of $6.77.
The company sees a Health benefits ratio of 87.3% to 87.9%.
In addition, the company also announced that its Board of Directors has authorized a $4.0 billion increase to its existing stock repurchase program. The increase is in addition to the approximately $1.2 billion remaining under the previously authorized program.
The company reaffirms its 2023 premium and service revenues of $137.5 billion-$139.5 billion, Health benefits ratio guidance in the previously announced range of 87.1% to 87.7%, and adjusted EPS guidance of at least $6.60 (consensus $6.67).
The company previously estimated FY23 total sales of $149.0 billion-$151.0 billion.
Price Action: CNC shares are up 3.86% at $77.12 on the last check Tuesday.
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