UnitedHealth Group Tops Profit Forecast, Raises Outlook

But it missed Wall Street's estimates on quarterly revenue

   

UnitedHealth Group (NYSE:UNH) said on Tuesday that it earned $1.56 billion during the third quarter, up 23% from $1.27 billion in the same period last year. EPS came in at $1.50, easily topping the $1.34 that Wall Street had forecast, the Associated Press noted.

The health insurance giant posted quarterly revenue of $27.3 billion, which missed analysts, who had anticipated revenue of $27.58 billion.

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Shares of UnitedHealth Group rose fractionally in Tuesday morning trading.

Company officials increased their earnings guidance for the year. They now anticipate a full-year profit of between $5.20 and $5.25 a share, up from an earlier estimate of between $4.90 and $5 a share.

The new outlook is substantially above the earnings of $5.13 a share that Wall Street had predicted for 2012.

During the quarter, the insurer reported that its Medicare Advantage program increased enrollment by 400,000. Revenue from Medicare and retirement coverage jumped by $1.2 billion compared to last year.


Article printed from InvestorPlace Media, http://investorplace.com/2012/10/unitedhealth-group-tops-profit-forecast-raises-outlook/.

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