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By Kimberly Chin
UnitedHealth Group Inc. raised its profit guidance for the year as the company's strong first-quarter performance was marked by revenue growth across all its businesses.
The company now projects earnings of $13.80 to $14.05 a share, and adjusted earnings of $14.50 to $14.75 a share. Previously UnitedHealth expected earnings of $13.70 to $14 a share, and adjusted earnings of $14.40 to $14.70 a share.
Revenue grew 9% to $60.31 billion from a year earlier. Analysts polled by Refinitiv were expecting sales of $59.71 billion. Revenue from its UnitedHealthcare segment rose 7% to $48.9 billion while sales from its Optum segment grew by 13% to $26.4 billion.
The parent of the nation's largest health insurer said profit in the quarter ended March 31 rose 22% to $3.47 billion, or $3.56 a share, from a year earlier. Analysts had expected per-share earnings of $3.41.
UnitedHealth posted an adjusted profit of $3.73 a share, compared with analysts' estimates of $3.60 a share.
Shares of UnitedHealth, which have gained 47% in 2019, jumped 1.5% in premarket trading.
Write to Kimberly Chin at email@example.com
(END) Dow Jones Newswires
April 16, 2019 06:47 ET (10:47 GMT)
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