Elevance Health's Q3 Earnings Miss Due to Medicaid Redeterminations

Elevance Health, Inc. (ELV) reported third-quarter 2024 adjusted earnings per share (EPS) of $8.37, which lagged the Zacks Consensus Estimate by 13.7%. The bottom line deteriorated 6.9% year over year. Operating revenues of$ 44.7 billion rose 5.2% year over year. Moreover, the top line beat the consensus mark by 3.4%. Quarterly earnings were impacted by rising expenses and a decline in Medicaid and Medicare membership. However, improved product revenues in the CarelonRx business and better premiums in the H ...