Centene Q3 Results Beat Estimates - Quick Facts

(RTTNews) - Centene Corp. (CNC) reported that its third-quarter net earnings attributable to the company surged to $95 million or $0.23 per share from $19 million or $0.05 per share in the same quarter last year.

In Tuesday pre-market, CNC is currently trading at $44.71, down $1.06 or 2.32 percent.

Adjusted earnings per share for the third quarter of 2019 were $0.96, compared to $0.89 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the third quarter were $18.98 billion, an increase of about 17% from $16.18 billion last year. Analysts expected revenues of $18.43 billion for the quarter.

Separately, Centene Corp. and WellCare Health Plans Inc. (WCG) said that the New York Department of Financial Services and Department of Health have each approved Centene's pending indirect acquisition of New York domiciled WellCare insurance subsidiaries, bringing the total number of states to approve the transaction to 25.

The companies continue to expect that the transaction will be completed by the first half of 2020.