Centene Corp. (CNC) experienced a 1.4% premarket increase in its stock price on Tuesday following the release of optimistic guidance for 2024. The managed care provider, headquartered in St. Louis, maintained its higher-than-expected profit guidance for 2023 and revealed even more promising projections for the following year.
Strong Performance Expected for 2023
Despite the challenges faced by the healthcare industry, Centene remains steadfast in its belief that it will achieve adjusted earnings per share (EPS) of at least $6.60 in 2023. This projection exceeds the $6.55 FactSet consensus, demonstrating Centene's commitment to delivering strong financial performance.
Exciting Outlook for 2024
Looking ahead to 2024, Centene anticipates adjusted EPS reaching greater than $6.70, surpassing the FactSet consensus of $6.62. Additionally, the company expects its revenue to range from $142.5 billion to $145.5 billion—a positive outlook that exceeds the FactSet consensus of $142.1 billion.
Commitment to Shareholders
Earnings Report and Future Outlook
Investors can look forward to Centene's fourth-quarter earnings report, which is scheduled for release on February 6, providing further insight into the company's financial performance.
Despite experiencing a 9% decline in its stock price year to date, it is important to note that the S&P 500 has gained 20%. Centene's positive guidance for 2024 suggests that it is well-positioned to navigate the evolving healthcare landscape and capture future growth opportunities.
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