Cigna Corp . (NYSE:CI) exceeded analyst expectations for the fourth quarter and raised the profit guidance for the full year.
The company announced an EPS of $6.79, which is $0.25 higher than the analyst forecast of $6.54. Cigna also reported a quarterly revenue of $51.15 billion, surpassing the consensus estimate of $48.91 billion.
"2023 was another very strong year for our company with consistent execution and sustained growth," said David M. Cordani, chairman and CEO of The Cigna Group.
"We will accelerate our momentum in 2024 as we lead in improving value, affordability and clinical outcomes, as well as with expanding access and choice."
Looking ahead to FY2024, Cigna projects its revenue to reach $235 billion, easily ahead of the consensus forecast of $228.4 billion. The company anticipates its adjusted operating EPS to be at least $28.25, in line with the expectations.
Adjusted income from operations for 2023 was $7.4 billion, with the company expecting this to increase to $8.025 billion in 2024.
Moreover, Cigna expects its medical care ratio to range between 81.7% and 82.7%.
The forecast for cash flow from operations is set at a minimum of $11 billion, exceeding the expected $10.6 billion.
In further news, Cigna's Board of Directors has approved a 14% increase in the quarterly dividend, raising it to $1.40 per share, signaling confidence in the company's financial health and future prospects.