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By Kimberly Chin
Cigna Corp. said first-quarter profit rose by 50%, lifted by strong revenue from its health-services and medical segments.
Cigna reported earnings of $1.37 billion, or $3.56 a share, compared with $915 million, or $3.72 a share, a year earlier. Analysts polled by Refinitiv were expecting earnings of $3.36 a share.
On an adjusted basis, income from operations was $3.90 a share, above analysts' estimates of $3.73 a share.
Total revenue more than tripled from a year ago to $37.95 billion. Analysts estimated revenue of $33.11 billion.
For the year, Cigna raised its adjusted earnings projections, as contributions from its Express Scripts Holding Co. merger helped lift its bottom line in the first quarter.
The health insurer has raised its adjusted income from operations at the high point of its guidance by $40 million. It now expects $6.24 billion to $6.4 billion. On a per-share basis, it now expects adjusted earnings between $16.25 and $16.65.
It also expects to add another $1 billion in revenues from its previous forecast to $132.5 billion to $134.5 billion.
Write to Kimberly Chin at email@example.com
(END) Dow Jones Newswires
May 02, 2019 11:21 ET (15:21 GMT)
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