INDIANAPOLIS - Elevance Health, Inc. (NYSE: ELV) announced its second quarter 2024 financial results, surpassing analyst expectations for adjusted earnings per share (EPS) but witnessing a slight dip in stock value post-announcement.
The company reported an adjusted EPS of $10.12, which was $0.11 higher than the analyst estimate of $10.01. Revenue for the quarter also exceeded expectations, coming in at $43.22 billion against the consensus estimate of $43.05 billion.
President and CEO Gail K. Boudreaux highlighted the strength of the company's diversified business and strategic initiatives, stating, "Second quarter results reflect the power of our diversified business and thoughtful execution of our strategic initiatives during a dynamic time for our industry, as we remain steadfast in our purpose to improve the health of humanity."
Despite the positive earnings report, Elevance Health's stock experienced a marginal decline of 0.5%.
The company's second quarter diluted EPS saw a significant increase of 26% to $9.85, while the adjusted diluted EPS was up 12% compared to the same quarter last year. This growth underscores the company's robust financial performance amidst industry challenges.
Additionally, Elevance Health declared a third quarter 2024 dividend of $1.63 per share, which is payable on September 25 to shareholders of record as of September 10, 2024.
RBC analysts said Elevance posted "solid Q2 results, largely in line with expectations."
"Heading into the quarter, we viewed ELV (along with CI) as best positioned MCOs for 2Q24 print with strong earnings visibility."
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