Centene beats top-line and bottom-line estimates; raises FY24 EPS outlook

Centene press release (NYSE:CNC): Q1 Non-GAAP EPS of $2.26 beats by $0.18.
Revenue of $40.41B (+3.9% Y/Y) beats by $4.01B.
Premium and service revenues of $36.3 billion in the first quarter of 2024. Increases 2024 full year premium and service revenue guidance by $1.0 billion.
Membership increase of 41% in Marketplace, compared to the first quarter of 2023.
For the first quarter of 2024, our effective tax rate on adjusted earnings was 24.6%, compared to 24.3% in the first quarter of 2023.
Outlook: Increases 2024 full year adjusted diluted EPS guidance by $0.10 to greater than $6.80 vs. $6.78 consensus.


	Full Year 2024
		Low	High
Total revenues (in billions)		$147.5	$150.5 vs. $146.14B consensus
Premium and service revenues (in billions)		$135.5	$138.5
HBR		87.3%	87.9%
SG&A expense ratio		8.4%	9.0%
Adjusted SG&A expense ratio		8.4%	9.0%
Effective tax rate		22.9%	23.9%
Adjusted effective tax rate		24.1%	25.1%
Diluted shares outstanding (in millions)		522.2	525.2

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Centene Corporation