April 17--Following a week when the company saw it's stock price drop with talk of an expanded role for the federal government in health care, Minnetonka-based UnitedHealth Group on Tuesday upped earnings guidance for the year and released first quarter financial results that easily beat analyst expectations for profit.
UnitedHealth, which is Minnesota's largest company, reported net earnings attributable to shareholders of $3.47 billion, an increase of $631 million, or 22%, from the year-ago quarter. Adjusted earnings per share of $3.73 beat by 14 cents the per-share profit forecast by analysts surveyed at Thomson Reuters.
UnitedHealth Group operates UnitedHealthcare, which is the nation's largest health insurer, plus a fast-growing division for health care services called Optum.
Last week, the company's stock price dropped 10 percent over a few days as Vermont'sU.S. Sen. Bernie Sanders, a Democratic candidate for president, renewed his plans for single-payer health care and Congress increased scrutiny of pharmaceutical benefit mangers like UnitedHealth's OptumRx division.
UnitedHealth increased its earnings outlook to net earnings of $13.80 to $14.05 per share, up from the previous range of $13.70 to $14. The company now expects adjusted net earnings of $14.50 to $14.75 per share, up from previous guidance of $14.40 to $14.70 per share.
Christopher Snowbeck • 612-673-4744 Twitter: @chrissnowbeck
___
(c)2019 Star Tribune (Minneapolis)
Visit the Star Tribune (Minneapolis) at www.startribune.com
American Retirees Have a Negative Outlook Towards Bitcoin According to New Survey
Lockton creates new jobs with opening of Pittsburgh office
Advisor News
- Gen X and millennials seek new retirement model
- Are families ready for the costs of aging at home?
- When a client moves, their insurance plan needs to move, too
- A rising retirement challenge: The license to spend
- Financial stress leaves less room for retirement saving
More Advisor NewsAnnuity News
- Gen X and millennials seek new retirement model
- Global Atlantic names Dan Farrelly head of IMO and IBD channels
- A rising retirement challenge: The license to spend
- What lower interest rates mean to annuity payouts
- AM Best downgrades A-Cap insurers amid financial and regulatory troubles
More Annuity NewsHealth/Employee Benefits News
Life Insurance News