2024-04-18 12:19:03 ET
Elevance Health, Inc. (ELV)
Q1 2024 Earnings Call Transcript
April 18, 2024, 08:30 AM ET
Company Participants
Steve Tanal - VP of IR
Gail Boudreaux - President and CEO
Mark Kaye - CFO
Peter Haytaian - President, Carelon
Felicia Norwood - President, Government Health Benefits business
Conference Call Participants
Lance Wilkes - Bernstein
AJ Rice - UBS
Josh Raskin - Nephron Research
Ben Hendrix - RBC Capital Markets
Dave Windley - Jefferies
Lisa Gill - JPMorgan
Kevin Fischbeck - Bank of America
Whit Mayo - Leerink Partners
Nathan Rich - Goldman Sachs
Stephen Baxter - Wells Fargo
Andrew Mok - Barclays
George Hill - Deutsche Bank
Scott Fidel - Stephens
Justin Lake - Wolfe Research
Ann Hynes - Mizuho
Gary Taylor - TD Cowen
Sarah James - Cantor Fitzgerald
Presentation
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Elevance Health First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session where participants are encouraged to present a single question. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to turn the conference over to the company's management. Please go ahead.
Steve Tanal
Good morning, and welcome to Elevance Health's first quarter 2024 earnings call. This is Steve Tanal, Vice President of Investor Relations. And with us this morning on the earnings call are Gail Boudreaux, President and CEO; Mark Kaye, our CFO; Peter Haytaian, President of Carelon; Morgan Kendrick, President of our Commercial Health Benefits Business; and Felicia Norwood, President of our Government Health Benefits Business. Gail will begin the call with a brief discussion of the quarter, recent progress against our strategic initiatives, and our updated outlook for the year. Mark will then discuss our financial results and outlook in greater detail. After our prepared remarks, the team will be available for Q&A.
During the call, we will reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available on our website, elevancehealth.com. We will also be making some forward-looking statements on this call. Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Elevance Health. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to carefully review the risk factors discussed in today's press release and in our quarterly filings with the SEC.
I will now turn the call over to Gail.
Gail Boudreaux
Thank you, Steve, and good morning, everyone. We appreciate you joining today's earnings call. I'm pleased to report that Elevance Health delivered first quarter GAAP earnings per share of $9.59 and adjusted diluted earnings per share of $10.64, reflecting growth of 12.5%. These results reflect disciplined execution of our strategic initiatives during a dynamic time for our industry. Given the solid start to the year, we have increased our guidance for adjusted earnings per share by $0.10 to be greater than $37.20. We are making significant progress on our enterprise strategy in 2024 to accelerate capabilities and services, invest in high growth opportunities, and optimize our Health Benefits business....
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Elevance Health, Inc. (ELV) Q1 2024 Earnings Call Transcript