Published on 2 May 2024 on Zacks via Yahoo Finance
Cigna (CI) Q1 Earnings Beat on Client Wins in Evernorth Unit
The Cigna Group CI posted better-than-expected first-quarter 2024 earnings, driven by a well-performing Evernorth Health Services segment, which, in turn, received an impetus from strength in Specialty and Care Services businesses and operational efficiencies. Premium rate increases also aided the Cigna Healthcare business. However, the upside was partly offset by escalating pharmacy expenses and a decline in customer base within the Cigna Healthcare unit. Nevertheless, a hiked adjusted earnings per share (EPS) guidance for 2024 may serve as a means to cement investors’ confidence in the stock.
CI reported first-quarter adjusted EPS of $6.47, which outpaced the Zacks Consensus Estimate by 4.9%. The bottom line advanced 19.6% year over year.