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Centene Corp (CNC) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Centene Corp

CIK: 1071739 Ticker: CNC


Exhibit 99.1
centenelogoa10.jpg
N E W S R E L E A S E                                                                                
Contact:
Investor Relations Inquiries
 
Edmund E. Kroll, Jr.
 
Senior Vice President, Finance & Investor Relations
 
(212) 759-0382
 
 
 
Media Inquiries
 
Marcela Manjarrez-Hawn
 
Senior Vice President and Chief Communications Officer
 
(314) 445-0790

FOR IMMEDIATE RELEASE

CENTENE CORPORATION REPORTS 2019 SECOND QUARTER RESULTS AND INCREASES 2019 GUIDANCE
-- 2019 Second Quarter Diluted EPS of $1.18; Adjusted Diluted EPS of $1.34 --

ST. LOUIS, MISSOURI (July 23, 2019) -- Centene Corporation (NYSE: CNC) announced today its financial results for the second quarter ended June 30, 2019, reporting diluted earnings per share (EPS) of $1.18, and Adjusted Diluted EPS of $1.34.

In summary, the 2019 second quarter results were as follows:
Total revenues (in millions)
$
18,356

 
Health benefits ratio
86.7
%
 
SG&A expense ratio
9.1
%
 
GAAP diluted EPS
$
1.18

 
Adjusted Diluted EPS (1)
$
1.34

 
Total cash flow provided by operations (in millions)
$
917

 
 
 
 
(1) A full reconciliation of Adjusted Diluted EPS is shown beginning on page five of this release.

Diluted and Adjusted Diluted EPS for the second quarter of 2019 benefited from solid operating performance across our business segments, the net impact of the reconciliation of the 2018 risk adjustment program exceeding our expectations by $0.05 per diluted share and a gain related to the acquisition of Ribera Salud of $0.03 per diluted share.

Michael F. Neidorff, Centene's Chairman, President and Chief Executive Officer, stated, "Our strong second quarter results demonstrate Centene’s favorable financial and operating momentum. Our pending WellCare acquisition will bolster and diversify our product offerings, significantly increase our scale and provide access to new markets - enhancing Centene’s long-term growth outlook."

Second Quarter Highlights

June 30, 2019 managed care membership of 15.0 million, an increase of 2.2 million members, or 17%, over June 30, 2018.

Total revenues for the second quarter of 2019 of $18.4 billion, representing 29% growth compared to the second quarter of 2018.

Health benefits ratio (HBR) of 86.7% for the second quarter of 2019, compared to 85.7% in the second quarter of 2018.

1

The following information was filed by Centene Corp (CNC) on Tuesday, July 23, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Schedule Of Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Affordable Care Act
Affordable Care Act (Tables)
Affordable Care Act - Narrative (Details)
Affordable Care Act - Net Receivables (Payables) For Each Of The Ongoing Programs (Details)
Contingencies
Debt
Debt (Tables)
Debt - Revolving Credit Agreement And Term Loan Credit Facility (Details)
Debt - Schedule Of Debt (Details)
Debt - Senior Note Redemption (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Measurements By Level For Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Measurements - Narrative (Details)
Goodwill And Intangible Impairment
Goodwill And Intangible Impairment (Details)
Leases
Leases (Tables)
Leases - Additional (Details)
Leases - Maturities Of Operating Lease Liabilities After Adoption Of 842 (Details)
Leases - Maturities Of Operating Lease Liabilities Before Adoption Of 842 (Details)
Leases - Rou Assets And Liabilities (Details)
Medical Claims Liability
Medical Claims Liability (Tables)
Medical Claims Liability - Narrative (Details)
Medical Claims Liability - Schedule Of Change In Medical Claims Liability (Details)
Organization And Operations
Organization And Operations (Details)
Organization And Operations (Policies)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Short-Term And Long-Term Investments, Restricted Deposits
Short-Term And Long-Term Investments, Restricted Deposits (Tables)
Short-Term And Long-Term Investments, Restricted Deposits - By Investment Type (Details)
Short-Term And Long-Term Investments, Restricted Deposits - Contractual Maturities Of Short-Term And Long-Term Investments And Restricted Deposits (Details)
Short-Term And Long-Term Investments, Restricted Deposits - Fair Value Of Available-For-Sale Investments With Gross Unrealized Losses By Investment Type And Length Of Time (Details)
Short-Term And Long-Term Investments, Restricted Deposits - Narrative (Details)

Material Contracts, Statements, Certifications & more

Centene Corp provided additional information to their SEC Filing as exhibits

Ticker: CNC
CIK: 1071739
Form Type: 10-Q Quarterly Report
Accession Number: 0001071739-19-000099
Submitted to the SEC: Mon Oct 21 2019 9:50:02 PM EST
Accepted by the SEC: Tue Oct 22 2019
Period: Monday, September 30, 2019
Industry: Hospital And Medical Service Plans

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