Cigna Sees FY21 Profit Below Market; Stock Down

(RTTNews) - While reporting second-quarter results on Thursday, Global health services company Cigna Corp. (CI) said it is well positioned to deliver in 2021 and 2022. Over the long-term, the company targets average annual adjusted EPS growth of 10%-13% while paying a meaningful dividend. The company also reaffirmed its 2021 EPS guidance, which is below analysts' estimate.

For fiscal 2021, the company continues to target adjusted earnings per share of at least $20.20. The company also projects: adjusted revenues of at least $170 billion, and total medical customer growth of at least 350,000 customers, for the fiscal year. Analysts polled by Thomson Reuters expect the company to report profit per share of $20.42 on revenue of $166.45 billion. Analysts' estimates typically exclude special items.

Second-quarter adjusted earnings per share was $5.24 per share, compared to $5.81, a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $4.96, for the quarter.

Adjusted revenues increased to $43.11 billion from $39.21 billion, prior year. Analysts expected revenue of $41.31 billion, for the quarter.

Shareholders' net income was $1.5 billion, or $4.25 per share compared with $1.8 billion, or $4.73 per share, last year.

Shares of Cigna Corp. were down 2.8% in pre-market trade on Thursday.