(Corrects year-ago EPS to 54 cents from 64 cents)
* Q2 adj loss/shr $0.16 vs est loss/shr $0.11
* Maintains 2012 EPS view
July 24 Health insurer Centene Corp
posted a wider-than-expected quarterly loss on rising costs for
its Texas and Kentucky health plans.
The company maintained its 2012 earnings view given in June,
when it slashed its forecast to $1.45-$1.65 per share from
$2.64-$2.84 a share in June.
Centene posted a net loss of $35.0 million, or 68 cents per
share, in the second quarter compared with a profit of $28.4
million, or 54 cents per share, a year earlier.
The insurer had said in June that it would post a loss in
the second quarter on rising costs in its Texas and Kentucky
health plans and its Celtic business, but expects to return to
profitability in the third quarter.
Premium and service revenue rose 61 percent to $2.1 billion.
Excluding items, the company posted a loss of 16 cents per
share, compared to analysts' estimate of a loss of 11 cents per
share, according to Thomson Reuters I/B/E/S.
Centene, which provides Medicaid and Medicaid-related health
plan coverage to individuals through government-subsidized
programs, is likely to benefit from the Affordable Care Act. The
law aims to extend coverage to more than 30 million uninsured
The St Louis, Missouri-based company's shares, which have
risen about 4 percent since it cut its outlook in June, closed
at $34.64 on Monday on the New York Stock Exchange.
(Reporting by Prateek Kumar in Bangalore; Editing by Rodney