Centene Corporation announced its financial results for the third quarter ended September 30, 2024, reporting adjusted diluted earnings per share (EPS) of $1.62, surpassing Wall Street estimates. The company's GAAP diluted EPS was $1.36, with total revenues reaching $42.023 billion.
Premium and service revenues increased 6% year-over-year to $36.899 billion, driven by strong growth in the Commercial Marketplace and Medicare Prescription Drug Plan (PDP) segments. Commercial Marketplace membership grew to 4.501 million from 3.681 million, and Medicare PDP membership increased to 6.766 million from 4.539 million year-over-year.
Despite a decline in Traditional Medicaid membership to 11.478 million from 13.470 million, Centene reaffirmed its 2024 adjusted diluted EPS guidance floor of greater than $6.80. The company also repurchased 16.3 million shares for $1.2 billion in the third quarter and an additional 5.2 million shares for $380 million in October 2024, with $2.8 billion remaining under its stock repurchase program.
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