×

UPDATE 1-Health insurer Centene's quarterly profit tops estimates

(Adds details)

July 25 (Reuters) - Centene Corp reported a higher-than-expected quarterly profit on Tuesday, boosted by growth in its Obamacare business and higher enrollments in Medicaid plans.

The health insurer, which primarily focuses on government-backed health insurance plans, also raised its full-year 2017 forecast to be between $4.70 per share and $5.06 per share.

Centene's results come a week after President Donald Trump and Republicans revised attempts to dismantle former President Barack Obama's signature healthcare law, formally known as the Affordable Care Act (ACA), collapsed in the U.S. Senate.

On Monday, President Trump made a last-ditch plea to U.S. Senate Republicans to "do the right thing" and fulfill campaign promises to repeal and replace Obamacare. The Senate will vote on Tuesday whether to open debate on an overhaul of the law.

Net earnings attributable to Centene rose to $254 million, or $1.44 per share, in the second quarter ended June 30, from $170 million, or 97 cents per share, a year earlier.

Excluding items, Centene earned $1.59 per share.

The company said its second-quarter earnings included a 17 cents per share net benefit related to the reconciliation of the 2016 risk adjustment under the ACA.

Centene's adjusted profit of $1.42 per share was above analysts' expectations of $1.32 per share, according to Thomson Reuters I/B/E/S.

Revenue rose to $11.95 billion from $10.90 billion, missing analysts' average estimate of $11.69 billion.

(Reporting by Divya Grover in Bengaluru; Editing by Martina D'Couto)