MINNETONKA (dpa-AFX) - (added outlook)
Unitedhealth Group, Inc. (UNH) released earnings for its first quarter that increased from the same period last year and beat the Street estimates.
The company's bottom line came in at $5.61 billion, or $5.95 per share. This compares with $5.03 billion, or $5.27 per share, in last year's first quarter.
Excluding items, Unitedhealth Group, Inc. reported adjusted earnings of $5.90 billion or $6.26 per share for the period.
Analysts on average had expected the company to earn $6.13 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 14.7% to $91.93 billion from $80.15 billion last year.
Unitedhealth Group, Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $5.61 Bln. vs. $5.03 Bln. last year. -EPS (Q1): $5.95 vs. $5.27 last year. -Analyst Estimate: $6.13 -Revenue (Q1): $91.93 Bln vs. $80.15 Bln last year.
Outlook
Looking ahead for fiscal 2023, the company now expects net earnings in the range of $23.25 to $23.75 per share and adjusted net earnings of $24.50 to $25.00 per share.
The company previously expected net earnings in the range of $23.15 to $23.65 per share and adjusted net earnings in the range of $24.40 to $24.90 per share on revenues between $357 billion and $360 billion.
Analysts expect earnings of $24.94 per share for the year.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
