By Denny Jacob

Humana lowered its earnings per-share outlook for fiscal 2023 as higher than anticipated medical costs continued to increase through the end of the fourth quarter.

The health insurance services company expects earnings per-share of about $20 and adjusted earnings-per share around $26.09, according to a regulatory filing. It forecast earnings per-share of at least $26.91 and adjusted earnings per-share of at least $28.25 in September.

Humana previously disclosed that it expected the higher level of medical utilization during the third quarter in its Medicare Advantage business to continue for the remainder of the year. Though it worked to offset the elevated medical costs, the company said it was unable to offset it entirely.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 18, 2024 07:36 ET (12:36 GMT)

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