UnitedHealth Raises Profit Targets on Higher Sales

Date : 10/15/2019 @ 11:01AM
Source : Dow Jones News
Stock : UnitedHealth Group Inc (UNH)
Quote : 272.93  0.0 (0.00%) @ 8:59AM

UnitedHealth Raises Profit Targets on Higher Sales

UnitedHealth (NYSE:UNH)
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2 Months : From Sep 2019 to Nov 2019

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By Dave Sebastian 

UnitedHealth Group Inc. boosted its profit guidance for the year as revenue growth from its network of health services, premiums and health-care plan membership fueled the company's third-quarter performance.

The company projects its 2019 per-share earnings to be between $14.15 and $14.25, compared with its previous forecast of $13.95 to $14.15. UnitedHealth said it expects adjusted per-share earnings to come in between $14.90 and $15 a share, compared with earlier projections of $14.70 a share to $14.90 a share.

The parent of the nation's largest health insurer posted sales of $60.35 billion for the third quarter, up 6.71% from the comparable quarter a year ago and beating the $59.76 billion analysts polled by FactSet had expected.

Sales for the Optum health-services business grew 13.39% to $28.8 billion compared with the year-ago period. Sales for the UnitedHealthcare health-benefits platform grew 4.79% to $48.1 billion during the quarter as commercial and Medicare Advantage membership grew, UnitedHealth said.

Overall, earnings rose to $3.67 a share, up 13.3% from the comparable period last year. Analysts were expecting $3.55 a share.

UnitedHealth reported an adjusted profit of $3.88 a share, topping analysts' estimates of $3.75 a share.

Shares of UnitedHealth, which have lost 11.45% in 2019, rose 2.45% in premarket trading.

 

(END) Dow Jones Newswires

October 15, 2019 06:46 ET (10:46 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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