Cigna (CI) stock climbs on Q1 results beat, raised 2024 profit outlook

Cigna Group (NYSE: CI) shares rose 2% in premarket trading Thursday after the company unveiled better-than-expected earnings and revenue for the fiscal Q1 and raised the full-year profit outlook.

Specifically, the company posted earnings per share (EPS) of $6.47, topping the consensus estimates of $6.22. Revenue for the quarter reached $57.26 billion, also above the consensus projection of $56.6 billion.

For its full-year 2024 guidance, Cigna projects an EPS of at least $28.40, raised from the previous forecast of $28.25, though still slightly below the analyst consensus of $28.43.

The healthcare and insurance service provider also anticipates revenues of at least $235 billion for the year, which is marginally lower than the expected $235.5 billion.

Cigna's projected medical care ratio is between 81.7% and 82.5%, a slight adjustment from the previous range of 81.7% to 82.7% and closer to the consensus of 82.4%.

The firm continues to expect its cash flow from operations to be at least $11.00 billion, notably higher than the estimated $10.58 billion.

"Our strong first quarter results reflect the performance of our Evernorth and Cigna Healthcare businesses, as well as our leadership in addressing the evolving needs of those we serve with the breadth of our differentiated capabilities," said David M. Cordani, chairman and CEO of The Cigna Group.

"Building on our track record of growth and continued momentum in 2024, we are pleased to increase our outlook for full-year earnings."

By Vahid Karaahmetovic

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