Triple-S Management (GTS) Reports Q3 EPS of $0.61, Revenues Beat; Raises FY20 EPS Guidance

Triple-S Management (NYSE: GTS) reported Q3 EPS of $0.61. Revenue for the quarter came in at $942.9 million versus the consensus estimate of $888.68 million.

Third Quarter 2020 Consolidated Results and Other Highlights

• Net income of $23.6 million, or $1.02 per diluted share, versus net income of $13.9 million, or $0.58 per diluted share, in the prior-year period;
• Adjusted net income of $14.2 million, or $0.61 per diluted share, a 17.4% increase versus adjusted net income of $12.1 million, or $0.51 per diluted share, in the prior-year period;
• Operating revenues of $942.9 million, a 12.8% increase from the prior-year period, primarily reflecting higher Managed Care net premiums earned;
• Consolidated loss ratio of 82.5%, a 90 basis-point improvement from the third quarter of 2019, reflecting higher premium rates and lower utilization;
• Medical loss ratio ("MLR") of 84.7%, an improvement of 170 basis points over the same period last year;
• Consolidated operating income of $22.3 million, a 17.4% increase compared to $19.0 million in the prior-year period;

"Our strong third quarter performance reflects ongoing, improved performance resulting from our operational focus and enhanced organizational capabilities," said Roberto Garcia-Rodriguez, President and Chief Executive Officer. "This has led to sustained membership momentum and premium growth in a difficult environment, particularly in the government markets sector. Continuing this momentum, we are delivering a very competitive Medicare Advantage product for this year's open enrollment period. Like most of our peer managed care companies, we have also experienced lower than planned utilization due to the impact of the ongoing pandemic.

"I am proud of our people, who continue to support our customers, providers and communities. Through their efforts, we are helping our members handle their medical needs safely and partnering with our providers and community organizations to assist our seniors and most vulnerable members during this challenging time.

"As we look to 2021 and beyond, we aim to be the preeminent healthcare company in Puerto Rico by delivering seamless holistic care through innovative models, state of the art technology and service excellence, in partnership with our providers."

GUIDANCE:

Triple-S Management sees FY2020 EPS of $3.25-$3.35.

• The Company is raising its full year 2020 guidance for adjusted net income per diluted share to be between $3.25 and $3.35, compared to its previous outlook for adjusted net income per diluted share between $2.80 and $3.00. The Company is currently assuming a weighted average diluted share count for full year 2020 of 23.4 million shares.

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

You May Also Be Interested In

• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) Tops Q2 EPS by 24c
• Eikon Therapeutics, Inc. (EIKN) Misses Q2 EPS by 163c