Profit in the third quarter of fiscal year 2016 for Centene increased 56 percent from the same period last year to a total of 145 million.
The St. Louis-based payer reported an 86 percent increase in total revenue from the same period in FY 2015 to a total of $10.8 billion, fueled by its $6.3 billion acquisition of Woodland Hills, Calif.-based Health Net and Medicaid expansion in the states where it operates.
"We remain focused on successfully integrating Health Net and positioning Centene to continue its track record of achieving profitable growth," CEO Michael Neidorff said in a prepared statement.
Centene's total managed care membership increased 137 percent to 11.4 million individuals in Q3, up 6.6 million from the same period in FY 2015.
The company reported adjusted diluted earnings per share of $1.11, up from $0.87 in Q3 of FY 2015.
Year-to-date, Centene reported net earnings of $297 million, a 22 percent increase from its year-to-date net earnings in 2015. The company adjusted its annual guidance to between $4.28 and $4.38 adjusted diluted EPS.
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