Cigna Q3 Profit, Revenue Top Estimates

(RTTNews) - The Cigna Group (CI), a health service company, Thursday reported net income of $739 million or $2.63 per share for the third quarter, lower than $1.408 billion or $4.74 per share in the same quarter a year ago, primarily impacted by investment loss related to VillageMD. Earnings as well as revenue beat the Street expectations.

The company had investment loss of $740 million in the latest quarter compared with gain of $41 million last year.

Excluding one-time items, adjusted income from operations were $2.112 billion or $7.51 per share, compared with $2.011 billion or $6.77 per share a year ago.

On average, 20 analysts expected the company to report earnings of $7.2 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter grew to $63.694 billion from $49.05 billion in the previous year. Adjusted revenue was $63.699 billion compared with $49.078 billion a year ago. The consensus estimate was for $59.35 billion.

Looking ahead, Cigna expects adjusted income from operations per share to be at least $28.40. The Street is looking for EPS of $28.5 per share for the year.