Apr. 27—CLAYTON — Centene on Tuesday reported a 15-fold increase in earnings for the first quarter of 2021, but still disappointed some analysts.
The Clayton-based health insurer reported earnings of $699 million for the quarter that ended on March 31, up from $46 million for the same period last year, as the pandemic was taking hold. Adjusted earnings per share rose 77 cents to $1.63. But some analysts expected profits of about $1.65 per share, and Centene stock had tumbled $3.26 or almost 5% to $62.74 by early afternoon in New York.
Quarterly revenue rose 15%, to $30 billion, from $26 billion in the same period the year before, exceeding Wall Street expectations of about $29.5 billion. The company credited the increase in part to the acquisition of Tampa, Florida-based health insurance company WellCare.
Centene reported a 5% increase in managed care membership over the past year, to 25.1 million members.
Centene announced in January that it had entered into an agreement to acquire Magellan Health in a $2.2 billion deal. On Tuesday President and CEO Michael Neidorff said Centene is on track to close the acquisition in the second half of 2021.
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