Medical healthcare plan provider Centene (CNC - Get Report) on Tuesday reported second-quarter results that exceeded analysts' forecasts amid higher sales of its Medicaid health plans for low-income earners.
Adjusted net earnings rose to $561 million, or $1.34 a share, in the second quarter, vs. $360 million, or 90 cents a share, a year earlier. Revenue rose to $18.36 billion from $14.18 billion in the comparable year-earlier quarter.
Analysts polled by FactSet had been expecting earnings of $1.24 a share on revenue of $18 billion.
The company also lifted its full-year guidance. It now expects adjusted 2019 earnings per share in the range of $4.29 and $4.49 and revenue of between $73.6 million and $74.2 million.
Analysts polled by FactSet are currently expecting full-year per-share earnings of $4.37.
Centene announced the purchase Wellcare Health Plans (WCG - Get Report) for $15 billion in March. The combined company would be the fourth-largest Medicare company in the country with about 22 million members.
Shares of Centene were down 1.98% to $51.16 in morning trading on the New York Stock Exchange. They ended the day Monday at $52.19.