Elevance Beats Expectations, Boosts Forecast on Cost Control (1)

Elevance Health Inc. beat Wall Street expectations for the first quarter and raised its full-year guidance as it did a better job of managing medical costs, a challenge the industry has struggled with in recent years.

The company’s adjusted earnings per share for the quarter were $12.58, above the average analyst estimate of $11 per share. It boosted its adjusted profit expectations for the year to $26.75 per share. Both figures include about $1 per share of non-recurring net investment income, Elevance said in a statement.

The results augur promise for the industry, which is grappling with government efforts ...