ST. LOUIS, Oct. 27, 2015 /PRNewswire/ -- Centene Corporation (NYSE: CNC) today announced its financial results for the quarter ended September 30, 2015. The following discussions, with the exception of cash flow information, are in the context of continuing operations.
Premium and Service Revenues (in millions) | $ | 5,463 | ||
Consolidated Health Benefits Ratio | 89.0 | % | ||
General & Administrative expense ratio excluding Health Net merger related expenses | 8.2 | % | ||
Diluted earnings per share (EPS) | $ | 0.75 | ||
Diluted EPS excluding Health Net merger related expenses | $ | 0.84 | ||
Total cash flow from operations (in millions) | $ | 62 | ||
Michael F. Neidorff, Centene’s Chairman and Chief Executive Officer, stated, “The quarter reaffirms our strong fundamentals and momentum that positions us well for the balance of this year and 2016, including the combination with Health Net.”
Third Quarter Highlights
September 30, 2015 managed care membership of 4.8 million, an increase of 933,600 members, or 24% compared to the third quarter of 2014.
Premium and service revenues for the third quarter of $5.5 billion, representing 31% growth compared to the third quarter of 2014.
Health Benefits Ratio of 89.0% for the third quarter of 2015, compared to 89.7% in the third quarter of 2014 and 89.1% in the second quarter of 2015.
General and Administrative expense ratio excluding Health Net merger related expenses of 8.2%, compared to 8.0% in the third quarter of 2014 and 8.5% in the second quarter of 2015.
Operating cash flow of $62 million for the third quarter of 2015. Operating cash flow for the nine months ended September 30, 2015, was $457 million, or 1.9 times net earnings.
- Diluted EPS for the third quarter of 2015 of $0.75, or $0.84 excluding $0.09 of diluted EPS associated with Health Net merger related expenses, compared to $0.67 in 2014, or $0.61 excluding the impact associated with the health insurer fee, transaction costs, and a tax benefit associated with final regulations on the deduction of compensation.
Other Events
In October 2015, Centene’s subsidiary, Superior HealthPlan, Inc., was awarded a contract by the Texas Health and Human Services Commission to serve seven delivery areas for STAR Kids Medicaid recipients, more than any other successful bidder.
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