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Elevance Health (ELV) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended June 2024, Elevance Health (ELV - Free Report) reported revenue of $43.22 billion, down 0.4% over the same period last year. EPS came in at $10.12, compared to $9.04 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $42.99 billion, representing a surprise of +0.54%. The company delivered an EPS surprise of +1.30%, with the consensus EPS estimate being $9.99.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Elevance Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Medical Membership - Total: 45,776 thousand versus 46,186.4 thousand estimated by 14 analysts on average.
Medical Membership - Medicare - Medicare Advantage: 2,031 thousand versus 2,026.83 thousand estimated by 14 analysts on average.
Medical Membership - Medicaid: 9,028 thousand versus 9,218.39 thousand estimated by 14 analysts on average.
Medical Membership - Federal Employees Health Benefits: 1,660 thousand versus the 14-analyst average estimate of 1,655.06 thousand.
Revenues- Premiums: $35.42 billion versus $35.78 billion estimated by 15 analysts on average. Compared to the year-ago quarter, this number represents a -3.2% change.
Revenues- Service fees: $2.28 billion versus the 15-analyst average estimate of $2.07 billion.
Revenues- Product revenue: $5.53 billion compared to the $5.11 billion average estimate based on 15 analysts. The reported number represents a change of +13.8% year over year.
Revenues- Net investment income: $508 million versus the 15-analyst average estimate of $474.58 million. The reported number represents a year-over-year change of +22.1%.
Total operating revenue- Health Benefits: $37.16 billion versus $37.35 billion estimated by 13 analysts on average. Compared to the year-ago quarter, this number represents a -2.2% change.
Total operating revenue- Eliminations: -$7.38 billion compared to the -$7.35 billion average estimate based on 13 analysts.
Total operating revenue- Carelon: $13.32 billion compared to the $12.77 billion average estimate based on 13 analysts.
Total operating revenue- Corporate & Other: $122 million versus $217.90 million estimated by 12 analysts on average. Compared to the year-ago quarter, this number represents a -57.5% change.
Shares of Elevance Health have returned +4.9% over the past month versus the Zacks S&P 500 composite's +4.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Elevance Health (ELV) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended June 2024, Elevance Health (ELV - Free Report) reported revenue of $43.22 billion, down 0.4% over the same period last year. EPS came in at $10.12, compared to $9.04 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $42.99 billion, representing a surprise of +0.54%. The company delivered an EPS surprise of +1.30%, with the consensus EPS estimate being $9.99.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Elevance Health performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Medical Membership - Total: 45,776 thousand versus 46,186.4 thousand estimated by 14 analysts on average.
- Medical Membership - Medicare - Medicare Advantage: 2,031 thousand versus 2,026.83 thousand estimated by 14 analysts on average.
- Medical Membership - Medicaid: 9,028 thousand versus 9,218.39 thousand estimated by 14 analysts on average.
- Medical Membership - Federal Employees Health Benefits: 1,660 thousand versus the 14-analyst average estimate of 1,655.06 thousand.
- Revenues- Premiums: $35.42 billion versus $35.78 billion estimated by 15 analysts on average. Compared to the year-ago quarter, this number represents a -3.2% change.
- Revenues- Service fees: $2.28 billion versus the 15-analyst average estimate of $2.07 billion.
- Revenues- Product revenue: $5.53 billion compared to the $5.11 billion average estimate based on 15 analysts. The reported number represents a change of +13.8% year over year.
- Revenues- Net investment income: $508 million versus the 15-analyst average estimate of $474.58 million. The reported number represents a year-over-year change of +22.1%.
- Total operating revenue- Health Benefits: $37.16 billion versus $37.35 billion estimated by 13 analysts on average. Compared to the year-ago quarter, this number represents a -2.2% change.
- Total operating revenue- Eliminations: -$7.38 billion compared to the -$7.35 billion average estimate based on 13 analysts.
- Total operating revenue- Carelon: $13.32 billion compared to the $12.77 billion average estimate based on 13 analysts.
- Total operating revenue- Corporate & Other: $122 million versus $217.90 million estimated by 12 analysts on average. Compared to the year-ago quarter, this number represents a -57.5% change.
View all Key Company Metrics for Elevance Health here>>>Shares of Elevance Health have returned +4.9% over the past month versus the Zacks S&P 500 composite's +4.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.