Elevance Health (ELV) hikes 2024 earnings outlook, shares climb

Shares of Elevance Health (NYSE: ELV) rose 3% after the health insurance provider topped earnings expectations for the fiscal Q1 and raised its outlook for the full fiscal 2024.

The company’s first-quarter earnings per share (EPS) came in at $10.64, topping consensus estimates of $10.48. Revenue was reported at $42.3 billion, slightly below the consensus estimate of $42.47 billion.

Operating revenue stood at $42.27 billion, against an expected $42.61 billion.

Medical membership totaled 46.24 million, falling short of the estimated 47.36 million.

For the full year 2024, Elevance Health has raised its guidance for both diluted EPS and adjusted diluted EPS to above $34.05 and $37.20, respectively. This is slightly above the consensus forecast for adjusted diluted EPS, which stands at $37.15.

"First quarter results reflect disciplined execution of our strategic initiatives during a dynamic time for our industry,” the company said in a statement.

"Given the solid start to the year, we have increased our outlook for full-year earnings."

By Vahid Karaahmetovic

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