Centene reports lower Q4 earnings, provides outlook for 2013

Centene Corporation, a healthcare enterprise that provides programs and related services to under-insured and uninsured individuals, has reported that net earnings attributable to the company for the fourth quarter ended December 31, 2012 were $9.06 million, or $0.17 per diluted share, compared to $30.11 million, or $0.57 per diluted share, for the same quarter ended December 31, 2011. The company expects diluted earnings per share to be between $2.60 and $2.90 for 2013.

Total revenues for the fourth quarter ended December 31, 2012 were $2.4 billion, compared to $1.51 billion for the same quarter ended December 31, 2011.

Net earnings attributable to the company for the year ended December 31, 2012 were $1.86 million, or $0.03 per diluted share, compared to $111.22 million, or $2.12 per diluted share, for the year ended December 31, 2011.

Total revenues for the year ended December 31, 2012 were $8.67 billion, compared to $5.34 billion for the year ended December 31, 2011.

Premium and service revenues are expected to be between $9,700 and $10,000 for 2013.

Michael F. Neidorff, Centene's Chairman and CEO, stated, "While 2012 had its challenges, we continue to make progress on premium rates in Texas and believe we have addressed the issues in Kentucky with our planned exit of the State. In 2012, we delivered on our growth strategy by increasing membership by 41% and revenues by 59% from 2011. We were successful in winning seven new contracts in 2012 and have continued in 2013 with the long-term care program recommendations in Florida. In addition, with the pending acquisition of AcariaHealth, we will expand our ability to manage the costs of specialized pharmacy benefit services for complex diseases."