Centene's Q2 beat Wall Street estimates
(Reuters) - Health insurer Centene Corp (CNC.N) posted a second quarter profit that beat Wall Street estimates, and raised its 2008 revenue forecast.
The company's net income rose 43 percent to $18 million, or 41 cents a share, compared with the net income of $10.2 million, or 23 cents a share, a year earlier. Revenue rose 15 percent to $860.1 million.
Analysts on an average expected the company to earn 38 cents a share, excluding certain items, on revenue of $845.8 million, according to Reuters Estimates.
Centene raised its 2008 revenue outlook to $3.36 billion to $3.41 billion due to the Celtic acquisition and the Arizona contract, but reaffirmed its earlier earnings forecast of $1.87 a share to $1.97 a share, excluding certain items.
It also added that the deals would not contribute to earnings in 2008. Analysts expect earnings of $1.88 a share, on revenue of $3.411 billion.
Shares of the St. Louis, Missouri-based company closed at $16.97 Monday on the New York Stock Exchange. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Bernard Orr)
