The Cigna Group (NYSE: CI) has reported its first quarter 2024 results, showcasing a robust performance and raising its outlook for the full year.
The global health company announced total revenues of $57.3 billion for the first quarter, marking a significant increase from the previous year. Despite a shareholders’ net loss of $0.3 billion, or $0.97 per share, the adjusted income from operations stood at $1.9 billion, or $6.47 per share.
The quarter also saw the company making headway with its sale of Medicare businesses to HCSC, which is expected to close in the first quarter of 2025. This move and the reported financials reflect Cigna’s ongoing efforts to optimize its business mix and enhance operational efficiency.
The company’s SG&A expense ratio improved to 6.4% from 7.6% in the first quarter of 2023, indicating its successful cost management strategies. Additionally, the debt-to-capitalization ratio saw a slight increase, primarily due to the timing of debt issuance related to the Accelerated Share Repurchase Agreements.
Cigna Reports $6.47 EPS and $57.3 Billion in Revenue for Q1, Above Expectations
Comparing Cigna’s first-quarter performance to market expectations reveals a company that not only met but exceeded forecasts. Analysts projected earnings per share (EPS) of $6.22 and revenue of $56.6 billion for the quarter.
Cigna’s reported EPS of $6.47 and revenue of $57.3 billion comfortably surpass these expectations, signaling stronger-than-anticipated contributions from its diversified portfolio of businesses. The company’s ability to outperform amidst a challenging healthcare landscape highlights its operational resilience and strategic foresight.
Cigna Raises Full Year Earnings Outlook to At Least $28.40 Per Share
Cigna’s guidance for the remainder of 2024 paints an optimistic picture, with the company raising its full-year earnings outlook to at least $28.40 per share.
This revised outlook reflects confidence in sustained growth and operational efficiency across its segments. The company anticipates adjusted revenues of at least $235 billion for the full year, alongside a consolidated adjusted income from operations of at least $8.065 billion.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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