Health benefits provider Cigna Corp. ( CI ) on Thursday posted a sharp uptick in third quarter earnings, easily beating Wall Street forecasts, and lifted its full-year outlook.
The Bloomfield, CT-based company reported third quarter net income of $466 million, or $1.61 per share, compared with $183 million, or 67 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.69 per share.
Revenue surged 31% from last year to $7.36 billion.
On average, Wall Street analysts expected a much smaller profit of $1.36 per share, on much lower revenue of $6.63 billion.
Looking ahead, CI boosted its full-year earnings outlook to a range of $5.70 to $5.90 per share, up from a prior forecast of $5.25 to $5.60. Analysts are currently looking for $5.54 per share for the year.
Cigna shares rose 50 cents, or +1%, in premarket trading Thursday.
The Bottom Line
Cigna Corp. ( CI ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Created by Dividend.com