Centene Profit Tops Estimates, Signaling Insurer Rebound (1)

Centene Corp.’s first-quarter profit exceeded Wall Street expectations and the company raised its outlook for the year in the latest sign of recovery for a US health insurance sector coming off a terrible year.

Adjusted earnings of $3.37 a share surpassed all analyst estimates in a Bloomberg survey. A key gauge of medical costs came in more favorable than Wall Street views. The company boosted its earnings outlook for the year by 40 cents a share, it said in a statement Tuesday.

Centene shares rose as much as 11% in New York, the most intraday since October.

The results ...