BLOOMFIELD - Global health company The Cigna Group (NYSE: NYSE:CI) has reported an increase in revenue and earnings per share (EPS) for the second quarter of 2024, beating analyst expectations.
The company's Q2 EPS reached $6.72, outperforming the analyst estimate of $6.43. Revenue for the quarter was also strong at $60.52 billion, exceeding the consensus estimate of $58.3 billion.
The company's financial results reflect a 25% increase in total revenues compared to the same quarter last year, indicating a robust performance driven primarily by significant growth in Evernorth Health Services, which achieved large client wins.
Adjusted income from operations for Q2 2024 was $1.9 billion, or $6.72 per share, a 5% increase from the $1.8 billion, or $6.13 per share, reported for the second quarter of 2023. This growth is attributed to strong contributions from both Evernorth Health Services and Cigna Healthcare.
David M. Cordani, chairman and CEO of The Cigna Group, highlighted the strength of the company's diversified portfolio and its consistent delivery of innovative solutions. He emphasized the company's disciplined approach to executing its strategy, which has enabled sustained growth in a dynamic environment.
Despite the positive earnings report, Cigna's shares were down 1.7% in pre-open trade. The decline in share price did not correspond with a specific driver but may reflect broader market conditions or investor reactions to other aspects of the company's financial health or future outlook.
Looking ahead, The Cigna Group has provided a 2024 outlook for adjusted income from operations, projecting at least $28.40 per share. This forward-looking statement reflects the company's current estimates and is subject to change based on various factors that may influence the health insurance industry and the company's performance.
The Cigna Group remains committed to delivering value to its shareholders and customers, with a focus on innovation and strategic growth. Its strong Q2 results and positive outlook for 2024 position the company as a resilient player in the global health sector.
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