Centene Corporation (NYSE:CNC) showed some punch Tuesday after the release of third-quarter results.
The St. Louis-based company reported total revenues for the third quarter of 2019 of $19.0 billion, representing 17% growth compared to the third quarter of 2018.
Adjusted SG&A expense ratio of 8.8% for the third quarter of 2019, compared to 10.0% for the third quarter of 2018.
Diluted EPS for the third quarter of 2019 of $0.23, compared to $0.05 for the third quarter of 2018, an increase of 360%.Adjusted Diluted EPS for the third quarter of 2019 of $0.96, compared to $0.89 for the third quarter of 2018, an increase of 8%.
Just this month, Centene's Board of Directors approved a $500-million increase to the Company's stock repurchase program. Under the increased stock repurchase program, the Company will be in a position to repurchase shares or pay down debt with the proceeds from divestitures related to the WellCare acquisition.
Also this month, Centene, Walgreens and RxAdvance announced a strategic partnership to introduce an innovative model for pharmacy management that aims to increase transparency, enhance customer experience and ultimately result in better health outcomes at lower costs.
Said CEO Michael Neidorff, "We are pleased with our third quarter results which reflect growth in our marketplace business, Medicaid business, and new programs, demonstrating the benefits of our diversification strategy on our healthcare enterprise. Looking ahead, we will continue to further enhance our leadership position in government-sponsored health-care."
Shares gained 64 cents, or 1.4%, to $46.41
