UnitedHealth Group (UNH) - Get Report on Tuesday, July 17, released second quarter earnings that came in above estimates and revenue that was in line with expectations. The Minnetonka, Minn.-based firm also raised its outlook.
For the three months ended June 30, the company reported adjusted net earnings of $3.14 a share, up 28% from the year-ago period. Revenue rose 12% year-over-year to $56.1 billion. Analysts had projected, on average, adjusted EPS of $3.04 on revenue of $56.1 billion, according to Bloomberg.
UnitedHealth increased its full-year net earnings guidance to the $11.80 to $12.05 per share range from $11.70 to $11.95 a share. It now expects adjusted net earnings to be in the range of $12.50 to $12.75 per share, compared with previous guidance of $12.40 to $12.65 a share.
Despite the results, shares of UnitedHealth were down 2.8% to $250 in premarket trading on Tuesday. The company also reported that its medical loss ratio, or the percentage of premiums that are paid out for services, was 81.9% in the quarter, which may have concerned investors.
UnitedHealth Group includes healthcare benefits provider UnitedHealthcare and health services business Optum.