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Amended: UnitedHealth Backs FY20 Outlook; Q1 Results Beat Estimates - Quick Facts

(Corrects headline to say quarterly results beat estimates)

While reporting financial results for the first quarter on Wednesday, diversified health care company UnitedHealth Group, Inc. (UNH) maintained its earnings outlook for the full-year 2020.

The company noted that it will continue to evaluate the impact of COVID-19 across its balanced and diversified businesses as the year progresses.

For fiscal 2020, the company continues to project earnings in a range of $15.45 to $15.75 per share, and adjusted earnings in a range of $16.25 to $16.55 per share, despite the impacts of the coronavirus (COVID-19) outbreak.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $16.22 per share for the year. Analysts' estimates typically exclude special items.

For the first quarter, net earnings declined to $3.52 per share from $3.56 per share last year. Adjusted earnings were reported at $3.72 per share. Revenues for the quarter increased 6.8 percent to $64.4 billion from a year-ago, reflecting broad-based revenue growth across Optum and UnitedHealthcare.

Analysts expected earnings of $3.63 per share on revenues of $64.32 billion for the quarter.

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.

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