What To Expect From Centene’s (CNC) Q2 Earnings
Health coverage company Centene (NYSE:CNC) will be reporting results this Tuesday before market open. Here’s what you need to know.
Centene beat analysts’ revenue expectations last quarter, reporting revenues of $49.94 billion, up 7.1% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates. It lost -1.36 million customers and ended up with a total of 26.27 million.
Is Centene a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Centene’s revenue to decline 2.8% year on year, a reversal from the 22.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Centene has a history of exceeding Wall Street’s expectations.
Looking at Centene’s peers in the health insurance providers segment, some have already reported their Q2 results, giving us a hint as to what we can expect. UnitedHealth posted flat year-on-year revenue, beating analysts’ expectations by 1.2%, and Elevance Health reported flat revenue, topping estimates by 2.5%. UnitedHealth traded up 1.8% following the results while Elevance Health was down 12.6%.
Read our full analysis of UnitedHealth’s results here and Elevance Health’s results here.
Investors in the health insurance providers segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. Centene is down 2% during the same time and is heading into earnings with an average analyst price target of $65.17 (compared to the current share price of $63).
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