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Stock impact report

Centene tweaks 2020 guidance, warns of potential rate decrease [MarketWatch]

Centene Corporation (CNC) 
Last centene corporation earnings: 4/28 06:00 am Check Earnings Report
US:NYSE Investor Relations: centene.com/investors.html
Company Research Source: MarketWatch
Centene tweaks 2020 guidance, warns of potential rate decrease Centene Corp. CNC, -2.54% shares fell 3.8% in the extended session Tuesday after the health-care manager tweaked its guidance for 2020 to reflect an acquisition and said it could face a rate reduction. Centene said it expects sales between $104.8 billion and $105.6 billion and per-share earnings between $3.00 and $3.14 for the year. It called for adjusted EPS between $4.56 and $4.76 for 2020. In the same press release, Centene also said it received notice of a potential rate decrease from the state of New York, which could result in a pre-tax net reduction around $200 million. "While not final, we have begun to develop initiatives to mitigate a portion of the potential rates for 2020," Centene said in a statement. "We currently expect $150 million of the adjustment to potentially lower our pre-tax earnings for the year, resulting in a $0.17 reduction to our GAAP and adjusted diluted earnings per share guidance." Shares Show less Read more
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