ST. LOUIS, Dec. 16, 2010 /PRNewswire-FirstCall/ -- Centene
Corporation (NYSE: CNC) announced today its 2011 financial
guidance. The discussions below are in the context of continuing
operations and all financial ratios exclude premium taxes.
For its 2011 fiscal year, the Company expects:
- Premium and Service revenue in the range of $4.9 billion to $5.1 billion.
- Earnings per diluted share of approximately $2.00 to $2.10.
- Consolidated Health Benefits Ratio of approximately 84% to 85%
which is within our long-term targeted range of 84% to 86%.
- Consolidated G&A expense ratio in the range of 12.0% to
12.5%.
- Effective tax rate, excluding non-controlling interest, of
approximately 38.5% and diluted shares outstanding of approximately
51.5 million.
- Days in claims payable between 43 and 48 as we continue to pay
claims faster through improvements in our operations.
Centene reaffirms its 2010 financial guidance in the previously
announced ranges. Full year 2010 earnings will be reported on
February 8th, 2011, with the
conference call at 8:30 AM (Eastern
Time).
Centene will host an investor meeting, including a
question-and-answer session, to discuss the details of its
guidance. The meeting will begin promptly today at 8:30 AM (Eastern Time) and end approximately at
10:30 AM (Eastern Time).
Michael F. Neidorff, Chairman and Chief Executive Officer,
and William N. Scheffel, Executive
Vice President, Chief Financial Officer and Treasurer, of Centene
Corporation will host the meeting, which also will be webcast live
before an audience of investors at the New York Helmsley Hotel on
East 42nd Street in New York
City.
Investors and other interested parties who are unable to attend
in person are invited to listen to the investor meeting via a live
audio webcast on the Company's website at www.centene.com, under
the Investors section. In addition, questions can be submitted via
e-mail at: Questions@centene.com.
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading
multi-line healthcare enterprise that provides programs and related
services to the rising number of under-insured and uninsured
individuals. Many receive benefits provided under Medicaid,
including the Children's Health Insurance Program (CHIP), as well
as Aged, Blind or Disabled (ABD), Foster
Care, long-term care, other state-sponsored programs and
Medicare (Special Needs Plans). Centene's CeltiCare subsidiary
offers states unique "exchange-based" and other cost-effective
coverage solutions for low-income populations. The company operates
local health plans and offers a range of health insurance
solutions. It also contracts with other healthcare and commercial
organizations to provide specialty services including behavioral
health, life and health management, managed vision, telehealth
services, and pharmacy benefits management. More information
regarding Centene is available at www.centene.com.
The information provided in this press release contains
forward-looking statements that relate to future events and future
financial performance of Centene. Subsequent events and
developments may cause the Company's estimates to change. The
Company disclaims any obligation to update this forward-looking
financial information in the future. Readers are cautioned that
matters subject to forward-looking statements involve known and
unknown risks and uncertainties, including economic, regulatory,
competitive and other factors that may cause Centene's or its
industry's actual results, levels of activity, performance or
achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Actual results may
differ from projections or estimates due to a variety of important
factors, including Centene's ability to accurately predict and
effectively manage health benefits and other operating expenses,
competition, changes in healthcare practices, changes in federal or
state laws or regulations, inflation, provider contract changes,
new technologies, reduction in provider payments by governmental
payors, major epidemics, disasters and numerous other factors
affecting the delivery and cost of healthcare. The expiration,
cancellation or suspension of Centene's Medicaid Managed Care
contracts by state governments would also negatively affect
Centene.
SOURCE Centene Corporation