BRIEF: Centene beats Wall Street estimates with strong quarterly earnings

July 24--Managed care provider Centene Corp. on Tuesday beat Wall Street estimates with nearly $300 million profit in the second quarter on revenue of $12.1 billion.

The results are an 18 percent increase and an 11 percent increase, respectively, over the same time period last year and attributable to growth in the health insurance marketplace business in 2018, acquisitions, expansions and new programs, as well as the reinstatement of the health insurer fee in 2018.

The Clayton-based company increases managed care membership by 5 percent over the prior year period to 12.8 million. And in July of this year, the company closed its $3.75 billion acquisition of Fidelis Care, which adds New York, the country's second-largest managed care state by membership, to its portfolio and expands Centene's national leadership in government-sponsored health care.

"Centene's strong fundamentals will be enhanced by the strategic and financial benefits of our recently closed Fidelis Care acquisition," said Centene CEO Michael Neidorff in a statement.

The company now expects full-year revenue to be in the range of $59 billion to $60 billion, up slightly from previous estimates.

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