Elevance Health Inc. (ELV) reported a decline in profit for the third quarter compared to the same period last year, falling short of Wall Street expectations. The company posted net earnings of $1.016 billion, equivalent to $4.36 per share, compared to the previous year's $1.289 billion, or $5.45 per share.
On an adjusted basis, excluding certain items, Elevance Health reported earnings of $1.952 billion, or $8.37 per share, for the quarter. Analysts, as surveyed by Thomson Reuters, had anticipated an average earning of $9.66 per share, typically excluding specific items from their estimates.
Revenues for the quarter increased by 5.3%, reaching $45.106 billion, up from $42.849 billion in the prior year.
An overview of Elevance Health Inc.'s third-quarter earnings (GAAP) is as follows:
- Earnings: $1.016 billion compared to $1.289 billion in the previous year.
- Earnings per Share (EPS): $4.36, down from $5.45 last year.
- Revenue: $45.106 billion, an increase from $42.849 billion reported in the prior year.
