Triple-S Management (GTS) Misses Q1 EPS by 14c, Sales Beat

Triple-S Management (NYSE: GTS) reported Q1 EPS of $0.14, $0.14 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $756.7 million versus the consensus estimate of $736.28 million.

Roberto García-Rodríguez, President and Chief Executive Officer of Triple-S Management, said, "We are pleased with the steady operational improvement we have made in what remains a challenging Puerto Rico economy. In Medicare Advantage, we continue implementing strategies to address scheduled rate reductions and improve our Star ratings. On the Commercial front, our underwriting discipline has continued to serve us well, resulting in a further MLR decline. Medicaid is performing in line with our expectations and we are beginning rate negotiations for the upcoming contract year, which will become effective July 1."

"We have made significant progress on the first phase of our multi-year strategic transformation. With our redesigned and unified leadership, we are now integrating our three Managed Care businesses and implementing our new clinical strategy to provide our members with access to high value, integrated care."

Garcia-Rodriguez concluded, "Over the next two to three years, the lion's share of our corporate resources will be funneled toward the growth of our core managed care business. Our management team is keenly focused on making disciplined capital allocation decisions that create significant long-term value for our shareholders. As we continue to gain better visibility of Puerto Rico's fiscal and economic issues, we should be better positioned to resume providing guidance next year."

For earnings history and earnings-related data on Triple-S Management (GTS) click here.

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