Centene Reports Mixed Q2 2024 Financial Results

Centene Corporation (CNC) reported mixed financial results for Q2 2024, with adjusted earnings of $2.42 per share, missing the Zacks Consensus Estimate by $0.02 but surpassing Wall Street estimates of $2.07. The healthcare company's revenue rose 5.9% year-over-year to $39.84 billion, exceeding consensus estimates by 9.10%. Despite a decline in Medicaid enrollment due to eligibility reviews, growth in Obamacare enrollment and premium revenue contributed positively. Centene also raised its full-year revenue guidance to $155.0B-$157.0B and reaffirmed its adjusted EPS guidance of greater than $6.80. Additionally, the company benefited from not having to make a $1.3 billion payment related to Medicaid risk adjustment.