Centene Corporation reported $283 million in profit for the fourth quarter of 2024, a notable bump from the fourth quarter of 2023's haul of $45 million.
The earnings performance surpassed Wall Street analysts' estimates, according to Zacks Investment Research. The company also beat the Street on revenue, posting $40.8 billion. That's a slight increase from the $39.5 billion in revenue Centene brought in for the fourth quarter of 2023, according to its earnings report released Tuesday.
For full-year 2024, the company reported $3.3 billion in profit and $163.1 billion in revenue. By comparison, it posted $2.7 billion in profit and $154 billion in revenue for 2023.
"Despite a year of unprecedented industry headwinds, Centene demonstrated significant operational improvements, strengthened our talent bench, and delivered on our financial commitments in 2024," Centene CEO Sarah London said in a press release.
"We enter 2025 with a strong, diversified platform and exciting opportunity to deliver value in each of our core businesses and to transform the health of communities we serve, one person at a time," she said.
Centene boasted 28.6 million members as of Dec. 31, up from 27.5 million in 2023. Enrollment in its Medicaid plans dipped as redeterminations completed, from 14.5 million to 13 million. However, sign-ups for its marketplace coverage increased year over year, growing from 3.9 million to 4.4 million.
The company also saw growth in its Medicare Part D plans, according to the report.
Based on its performance in the fourth quarter, Centene said it will raise its premium and service revenue guidance window by $4 billion and now expects to bring in between $158 billion and $160 billion for 2025. Its total revenue guidance for the year was set at its investor day between $166.5 billion and $169.5 billion.
It also projects earnings per share of at least $7.25 for the year.