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Centene Corporation (CNC) has reported 135.14 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $261 million, or $1.49 a share in the quarter, compared with $111 million, or $0.90 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $210 million, or $1.19 a share compared with $120 million or $0.97 a share, a year ago.
Revenue during the quarter surged 89 percent to $11,911 million from $6,302 million in the previous year period. Net premium earned for the quarter jumped 86.52 percent or $4,685 million to $10,100 million.
Total expenses increase substantiallyBenefits, losses and expenses for the quarter were at $11,390 million, or 112.77 percent of premium earned from $6,082 million or 112.32 percent of premium earned in the last year period. Operating income for the quarter was $521 million, compared with $220 million in the previous year period. For financial year 2017, Centene Corporation projects revenue to be in the range of $46,000 million to $46,800 million. The company forecasts diluted earnings per share to be in the range of $3.82 to $4.26, the company forecasts diluted earnings per share to be in the range of $4.40 to $4.85 on adjusted basis.
At the same time, net premium received from other insurance division for the quarter was at $577 million, up 30.54 percent or $135 million from year-ago period.
Michael F. Neidorff, Centene's chairman and chief executive officer, stated, "Our strong fourth quarter results give us favorable operating momentum heading into 2017, and the successful integration of Health Net bolsters this with greater scale and product diversity."
Operating cash flow improves significantlyCentene Corporation has generated cash of $1,851 million from operating activities during the year, up 181.31 percent or $1,193 million, when compared with the last year. The company has spent $2,397 million cash to meet investing activities during the year as against cash outgo of $813 million in the last year.
Cash flow from financing activities was $2,717 million for the year, up 790.82 percent or $2,412 million, when compared with the last year.
Cash and cash equivalents stood at $3,930 million as on Dec. 31, 2016, up 123.30 percent or $2,170 million from $1,760 million on Dec. 31, 2015.
Liabilities outpace assets growth
Total assets increased 175.20 percent or $12,858 million to $20,197 million on Dec. 31, 2016. On the other hand, total liabilities were at $14,143 million as on Dec. 31, 2016, up 182.01 percent or $9,128 million from year-ago.
Return on assets stood at 1.62 percent in the quarter, down 0.05 from 1.68 percent in the last year period. At the same time, return on equity was at 4.43 percent in the quarter, down 0.69 from 5.12 percent in the last year period.
Net premiums and other receivables increased 142.22 percent or $1,819 million over the year to $3,098 million on Dec. 31, 2016. Total debt was at $4,655 million as on Dec. 31, 2016, up 281.24 percent or $3,434 million from year-ago. Shareholders equity stood at $5,895 million as on Dec. 31, 2016, up 171.91 percent or $3,727 million from year-ago. As a result, debt to equity ratio went up 23 basis points to 0.79 percent in the quarter from 0.56 percent in the last year period.
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