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Cigna Corp. (CNHI) Tops Q3 EPS by 3c, Revenues Beat

July 30, 2020 8:14 AM EDT

Cigna Corp. (NYSE: CNHI) reported Q3 EPS of ($0.07), $0.03 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $5.6 billion versus the consensus estimate of $4.19 billion.

CONSOLIDATED RESULTS

  • Consolidated revenues of $5.6 billion in the second quarter of 2020, down 26% compared to the second quarter of 2019 (down 23% at constant currency)
  • Reported net income of $361 million (or $0.26 per share) in the second quarter of 2020 including a gain of $1,475 million from the remeasurement to fair value of the investment in Nikola Corporation (NKLA), partially offset by $840 million of non-cash impairment charges primarily related to the goodwill allocated to Construction, as well as asset optimization charges of $282 million, mainly as a result of the adverse COVID-19 impacts on used trucks final markets in Europe
  • Adjusted net loss of $85 million in the second quarter of 2020 compared to adjusted net income of $430 million in the second quarter of 2019
  • Adjusted diluted earnings per share loss of $0.07 in the second quarter of 2020 compared to adjusted diluted earnings per share of $0.31 in the second quarter of 2019
  • On June 15, Fitch Ratings (“Fitch”) affirmed CNH Industrial N.V. and CNH Industrial Capital LLC’s long-term issuer default rating at “BBB-” and changed the outlook to stable from positive

For earnings history and earnings-related data on Cigna Corp. (CNHI) click here.



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