Cigna Sees Higher FY24 Results, Lifts Dividend; Stock Up In Pre-market - Update

(RTTNews) - Healthcare company Cigna Group (CI), while reporting weak profit and higher revenues in its fourth quarter, on Friday issued forecast for fiscal 2024 earnings and revenues, both above last year. Adjusted earnings are expected to be below market, while top line is expected to beat the Street view.

Further, the Board of Directors declared a 14 percent increase in the cash quarterly dividend to $1.40 per share, to be paid on March 21 to shareholders of record as of the close of trading on March 6.

In pre-market activity on the NYSE, Cigna shares were gaining more than 4.5 percent to trade at $322.

For fiscal 2024, the company projects adjusted income from operations to be at least $8.025 billion, or at least $28.25per share.

Adjusted revenues are now expected to be at least $235.0 billion.

On average, analysts polled by Thomson Reuters expect the company to earn $28.29 per share for the year on revenues of $228.36 billion. Analysts' estimates typically exclude special items.

In fiscal 2023, adjusted income from operations for 2023 was $7.4 billion, or $25.09 per share, and adjusted revenues of $195.32 billion.

In the fourth quarter, Cigna's earnings totaled $1.03 billion, or $3.49 per share, compared with $1.19 billion, or $3.91 per share, in last year's fourth quarter.

Adjusted earnings were $2.00 billion or $6.79 per share for the period, compared to $5.02 per share last year. The Street was looking for earnings of $6.53 per share for the quarter.

The company's revenue for the quarter rose 11.7 percent to $51.11 billion from $45.75 billion last year.

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