Centene posts $1.2B profit in Q1

Centene reported nearly $1.2 billion in net income in the first quarter and a more than 18% decrease in Medicaid membership year over year, according to its first-quarter earnings posted April 26.

Total revenues in the first quarter were $40.4 billion, up 3.9% year over year.

Total net earnings in the first quarter were nearly $1.2 billion, up 2.9% since the same period last year.

The company raised its year-end adjusted EPS guidance to at least $6.80.

The company's medical loss ratio was 87.1% in the first quarter and 87% during the same period last year. Days claims payable were 53 in the first quarter, compared to 54 a year ago.

As of March 31, Centene's total membership stands at nearly 28.4 million. Medicaid membership has fallen to 13.3 million year over year, decreasing 18.5%. There are nearly 4.3 million exchange members, 423,000 commercial group members, 1.1 million Medicare Advantage and supplement members, and 6.4 million Medicare prescription drug plans.

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