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UPDATE 3-Centene warns on Obamacare subsidy cuts, shares dive

* Insurer sees Q4 impact of 7-12 cents/shr if subsidies cut

* Trump cuts to Obamacare subsidies still in court

* Shares slump 5 pct (Adds conference call details, updates share move)

Oct 24 (Reuters) - Centene Corp said on Tuesday White House moves to cut off Obamacare subsidies would knock 7-12 cents per share off the health insurer's fourth-quarter earnings, sending its shares 5 percent lower.

A U.S. judge on Monday appeared skeptical toward a request from several states that want him to order the Trump administration to continue payments to health insurers under the Affordable Care Act, popularly known as Obamacare.

Trump earlier this month terminated the payments, which help cover out-of-pocket medical expenses for low-income Americans and were one element of strong quarterly results reported by Centene earlier on Tuesday.

"We fully recognize the possibility that cost-sharing reductions, CSRs, might not continue to be funded," Chief Executive Michael Neidorff told a conference call with analysts on the third quarter results.

The company has filed health plans for 2018 in all its exchange markets which assumed that there would be no payments, he said.

Trump has alternately supported, and dismissed, an effort by Republican and Democratic senators that would reinstate the subsidies for two years until a broader replacement to the 2010 Act can be negotiated.

Cantor Fitzgerald analysts said investors should not try to extrapolate the potential fourth-quarter impact for 2018, especially as many individuals will receive higher tax credit subsidies.

Last month, Centene said it would buy privately held Fidelis Care for $3.75 billion to enter New York, the second-largest managed-care state by membership in the United States, expanding its government-sponsored healthcare coverage.

Fidelis, which operates in all 62 counties in New York state, has 1.3 million accounts in the Medicaid insurance program and would lower Centene's dependence on Obamacare business.

With the Obamacare subsidies still in place, Centene said net earnings attributable to the company rose nearly 40 percent to $205 million, or $1.16 per share in the third quarter.

Excluding items, the company earned $1.35 per share, beating the average analyst estimate of $1.25, according to Thomson Reuters I/B/E/S. Total revenue rose nearly 10 percent to $11.9 billion. Analysts had expected revenue of $11.78 billion.

Sarah James, an analyst at brokerage Piper Jaffray, said Centene seemed to be moving full steam ahead on its Obamacare insurance business, increasing marketing and expansion costs despite the uncertainty over the subsidies.

Centene's health benefits ratio, or the amount it spends on medical claims compared with its income from premiums, came in at 88 percent, compared with 87 percent a year earlier.

The company said it expects 2017 revenue in the range of $47.4 billion to $48.2 billion, up from its previous forecast of $46.4 billion to $47.2 billion. (Reporting by Ankur Banerjee in Bengaluru; Editing by Maju Samuel)