Have you been eager to see how Cigna Corp. (CI - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this multi-line insurance company’s earnings release this morning.
An Earnings Beat
Cigna came out with adjusted earnings per share of $2.91, beating the Zacks Consensus Estimate of $2.48. Earnings also grew 47% year over year.
Better-than-expected earnings were primarily driven by broad based growth across its business segments.
Revenue Ahead of Estimates
Cigna posted revenues of $10.3 billion, which surpassed the Zacks Consensus Estimate of $9.98 billion. Revenues grew 4% year over year.
Key Stats to Note
Total benefits and expenses of $9.2 billion remained almost unchanged year over year.
Operating expense ratio of 19.9% improved 100 basis points year over year.
The company medical enrollment grew to 15.7 million from 15.1 million in the year ago quarter, driven by organic growth in all of its Commercial market segments.
Cigna’s long term debt of $4.6 billion as of Jun 30, 2017 declined from $4.8 billion as of Dec 31, 2016.
Followed by strong earnings performance in the first half of 2017, the company raised its outlook for 2017 adjusted earnings to a range of $9.75 to $10.05 per share.
What Zacks Rank Says
Cigna carries a Zacks Rank #2 (Buy). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here)
Check back later for our full write up on this Cigna earnings report!
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