When UnitedHealth Group Inc. (NYSE: UNH | UNH Price Prediction) released its first-quarter financial results before the markets opened on Wednesday, the firm posted $3.72 in earnings per share (EPS) and $64.4 billion in revenue. Analysts were calling for $3.63 in EPS and $64.32 billion in revenue. In the same period of last year, UnitedHealth said it had $3.73 in EPS and $60.31 billion in revenue.
During the latest quarter, total revenues grew $4.1 billion, or 6.8%, year over year, reflecting balanced, broad-based revenue growth across Optum and UnitedHealthcare.
UnitedHealthcare revenues increased 4.4% year over year to $51.1 billion. First-quarter earnings from operations at UnitedHealthcare were more or less the same as last year.
Optum revenues grew by 24.6% year over year to $32.8 billion, and earnings from operations increased 12.2%.
Looking ahead, the company maintained its outlook for the 2020 full year. Currently, UnitedHealth expects to see EPS in the range of $16.25 to $16.55. Consensus estimates are calling for $16.22 in EPS and $260.9 billion in revenue for the full year.
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David S. Wichmann, CEO of UnitedHealth, commented:
From the outset of the COVID-19 pandemic, our singular priority has remained clear: the health, safety and support of the people and communities we serve, including our dedicated team of 325,000 people and the heroic members of the health care workforce, and the reliability and sustainability of health care delivery systems.
Separately, the company announced Andrew Witty, president, UnitedHealth Group and CEO of Optum, will take a leave of absence to help lead the World Health Organization’s new initiative for COVID-19 vaccine development. Witty will return to his positions upon completion of this temporary assignment.
UnitedHealth stock traded up about 1% to $273.86 on Wednesday, in a 52-week range of $187.72 to $306.71. The consensus price target is $318.63.
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