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Compared to Estimates, Elevance Health (ELV) Q3 Earnings: A Look at Key Metrics
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For the quarter ended September 2024, Elevance Health (ELV - Free Report) reported revenue of $44.72 billion, up 5.3% over the same period last year. EPS came in at $8.37, compared to $8.99 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $43.26 billion, representing a surprise of +3.37%. The company delivered an EPS surprise of -13.71%, with the consensus EPS estimate being $9.70.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Elevance Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Medical Membership - Total: 45.76 million compared to the 45.94 million average estimate based on 16 analysts.
Medical Membership - Medicare - Medicare Advantage: 2.05 million compared to the 2.04 million average estimate based on 16 analysts.
Medical Membership - Medicaid: 8.93 million compared to the 9.11 million average estimate based on 16 analysts.
Medical Membership - Federal Employees Health Benefits: 1.66 million versus the 16-analyst average estimate of 1.66 million.
Revenues- Premiums: $36.81 billion versus $35.42 billion estimated by 17 analysts on average. Compared to the year-ago quarter, this number represents a +4.4% change.
Revenues- Service fees: $2.02 billion versus the 17-analyst average estimate of $2.27 billion. The reported number represents a year-over-year change of -1%.
Revenues- Product revenue: $5.89 billion versus the 17-analyst average estimate of $5.52 billion. The reported number represents a year-over-year change of +13.7%.
Revenues- Net investment income: $551 million compared to the $492.83 million average estimate based on 17 analysts. The reported number represents a change of +11.8% year over year.
Total operating revenue- Health Benefits: $38.28 billion versus $37.05 billion estimated by 15 analysts on average. Compared to the year-ago quarter, this number represents a +4.2% change.
Total operating revenue- Eliminations: -$7.41 billion versus the 15-analyst average estimate of -$7.13 billion. The reported number represents a year-over-year change of +15.9%.
Total operating revenue- Carelon: $13.78 billion versus the 15-analyst average estimate of $13.18 billion. The reported number represents a year-over-year change of +15.9%.
Total operating revenue- Carelon Services: $4.64 billion compared to the $4.31 billion average estimate based on 14 analysts. The reported number represents a change of +37.5% year over year.
Shares of Elevance Health have returned -7.9% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Compared to Estimates, Elevance Health (ELV) Q3 Earnings: A Look at Key Metrics
For the quarter ended September 2024, Elevance Health (ELV - Free Report) reported revenue of $44.72 billion, up 5.3% over the same period last year. EPS came in at $8.37, compared to $8.99 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $43.26 billion, representing a surprise of +3.37%. The company delivered an EPS surprise of -13.71%, with the consensus EPS estimate being $9.70.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Elevance Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Medical Membership - Total: 45.76 million compared to the 45.94 million average estimate based on 16 analysts.
- Medical Membership - Medicare - Medicare Advantage: 2.05 million compared to the 2.04 million average estimate based on 16 analysts.
- Medical Membership - Medicaid: 8.93 million compared to the 9.11 million average estimate based on 16 analysts.
- Medical Membership - Federal Employees Health Benefits: 1.66 million versus the 16-analyst average estimate of 1.66 million.
- Revenues- Premiums: $36.81 billion versus $35.42 billion estimated by 17 analysts on average. Compared to the year-ago quarter, this number represents a +4.4% change.
- Revenues- Service fees: $2.02 billion versus the 17-analyst average estimate of $2.27 billion. The reported number represents a year-over-year change of -1%.
- Revenues- Product revenue: $5.89 billion versus the 17-analyst average estimate of $5.52 billion. The reported number represents a year-over-year change of +13.7%.
- Revenues- Net investment income: $551 million compared to the $492.83 million average estimate based on 17 analysts. The reported number represents a change of +11.8% year over year.
- Total operating revenue- Health Benefits: $38.28 billion versus $37.05 billion estimated by 15 analysts on average. Compared to the year-ago quarter, this number represents a +4.2% change.
- Total operating revenue- Eliminations: -$7.41 billion versus the 15-analyst average estimate of -$7.13 billion. The reported number represents a year-over-year change of +15.9%.
- Total operating revenue- Carelon: $13.78 billion versus the 15-analyst average estimate of $13.18 billion. The reported number represents a year-over-year change of +15.9%.
- Total operating revenue- Carelon Services: $4.64 billion compared to the $4.31 billion average estimate based on 14 analysts. The reported number represents a change of +37.5% year over year.
View all Key Company Metrics for Elevance Health here>>>Shares of Elevance Health have returned -7.9% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.