: Centene boosts revenue forecast for 2023
Centene Corp. CNC swung to a loss in the latest quarter, though the company boosted its 2023 revenue forecast in its Tuesday morning report. The company posted a fourth-quarter net loss of $213 million, or 38 cents a share, whereas it generated net income of $599 million, or $1.01 a share, in the year-earlier quarter. On an adjusted basis, Centene posted 86 cents in earnings per share, while the FactSet consensus was for 82 cents. Revenue increased to $35.6 billion from $32.6 billion a year before, while analysts were modeling $35.4 billion. Centene noted in its release that it was boosting its 2023 outlook for premium and service revenues by $2 billion to reflect expectations for more Medicaid premium revenue and commercial premium revenue than previously anticipated, but lower Medicare revenue than previously modeled. The new forecast also bakes in expectations for decreased revenue of $2 billion related to the Magellan Specialty Health, Centurion, and HealthSmart divestitures. The company’s new outlook is for $131.5 billion to $133.5 billion in premium and service revenues for 2023, while Centene continues to expect $6.25 to $6.40 in adjusted EPS.
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