Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Billionaire Warren Buffett's Berkshire Hathaway reported a profit for the second-quarter that increased 87 percent from last year, as the value of its investment portfolio increased with the stock market. But it took about $10 billion write down on the value of its Precision Castparts aircraft parts unit due to the impact of the COVID-19 pandemic. Operating profit declined 10 percent. Twitter has had preliminary talks with TikTok's Chinese owner ByteDance to buy the U.S. operations of the video-sharing app, the Wall Street Journal reported citing people familiar with the matter. Meanwhile, Microsoft has been the only company so far to say publicly it is pursuing TikTok. Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients.
Follow RTT