Cigna beats Q3 earnings, revenue estimates; shares edge higher

BLOOMFIELD, Conn. - The Cigna Group (NYSE:CI ) reported third-quarter earnings and revenue that surpassed analyst expectations, driven by strong performance in its Evernorth Health Services division. The global health company's shares edged up 1% following the announcement.

For the third quarter of 2024, Cigna reported adjusted earnings per share of $7.51, beating the analyst consensus of $7.23. Revenue for the quarter came in at $63.7 billion, a 30% increase YoY and significantly above the analyst estimate of $59.64 billion.

The company's adjusted income from operations for Q3 2024 was $2.1 billion, up from $2.0 billion in the same quarter last year. Cigna attributed the strong results to robust contributions from Evernorth Health Services, particularly in its Specialty and Care Services segments.

"Our strong performance this quarter is a testament to the leadership, stability and expertise of our team," said David M. Cordani, chairman and CEO of The Cigna Group. "Our disciplined execution of our strategic plan and our comprehensive health services ensure we remain well-positioned in a highly dynamic environment, while sustaining business growth in both the near- and long-term."

Cigna reaffirmed its full-year 2024 outlook, projecting adjusted income from operations of at least $28.40 per share. This guidance is slightly below the current analyst consensus of $28.50 per share.

The company's shareholders' net income for the quarter was $0.7 billion, or $2.63 per share, which included a non-cash after-tax investment loss of $1.0 billion related to VillageMD.

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Source: Investing.com