Triple-S Management (GTS) Tops Q1 EPS by 36c, Beats on Revenues

Triple-S Management (NYSE: GTS) reported Q1 EPS of $0.60, $0.36 better than the analyst estimate of $0.24. Revenue for the quarter came in at $770 million versus the consensus estimate of $734.02 million.

Quarterly Consolidated and Other Highlights

• Net income of $3.9 million, or $0.17 per diluted share, versus net loss of $4.3 million, or $0.18 per diluted share, in the prior-year period;
• Adjusted net income of $14.1 million, or $0.60 per diluted share, versus adjusted net loss of
• $4.8 million, or $0.20 per diluted share, a year ago, reflecting the ongoing improvements in the Company\'s Managed Care operations;
• Operating revenues of $770.2 million, a 7.0% increase from the prior-year period, reflecting higher premiums in the Managed Care segment;
• Consolidated operating income of $18.1 million compared to an operating loss of $12.2 million in the prior-year period;
• Consolidated loss ratio improved to 82.3% and medical loss ratio ("MLR") to 85.0%, driven primarily by Managed Care premium trends that are higher than claim trends;
• The Company's Board authorized a $25.0 million expansion of its existing $30.0 million Class B share repurchase program in February. Under the repurchase program, during the first quarter of 2018, 563,559 shares were repurchased at an aggregate cost of $14.3 million. During the second quarter of 2018, as of May 4, an additional 80,404 shares were repurchased at an aggregate cost of $2.1 million. As of May 4, 2018, $18.5 million of availability remains in the program

2018 Outlook

Despite the ongoing market uncertainty regarding utilization patterns, outward migration and the impact of post-hurricane reconstruction efforts, the Company is maintaining its full year 2018 directional guidance regarding its Commercial and Medicare businesses, as well as its Life Insurance segment and consolidated operating expenses. Directional guidance regarding its Property and Casualty segment was raised for the full year 2018. More specifically:

• In the Commercial business, the Company continues to expect full-year at-risk member month enrollment between 3.7 million and 3.8 million, and full-year MLR between 80.5% and 82.5%.
• In the Medicare Advantage business, the Company anticipates full year member month enrollment to be between 1.35 million and 1.45 million, while the expected MLR range for 2018 remains between 85% and 87%.
• The Company continues to expect Life insurance premiums earned for 2018 between $160 million and $164 million.
• The Company has raised expectations for its Property and Casualty premiums earned for 2018 to between $82 million and $86 million. The Company\'s previous outlook for Property and Casualty 2018 premiums earned was between $76 million and $80 million.
• The Company continues to expect consolidated operating expenses for full year 2018 between $530 million and $545 million.

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

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