UnitedHealth Group thumped Wall Street’s first-quarter expectations and raised its 2022 forecast, as growing Medicare Advantage coverage and care delivery once again bolstered the healthcare giant.
The nation’s largest health insurance provider reported on Thursday adjusted earnings of $5.49 per share as total revenue grew more than 14% to $80.1 billion in the quarter.
Analysts expect, on average, earnings of $5.36 per share on $78.73 billion in revenue in the second quarter, according to FactSet.
Aside from providing insurance, UnitedHealth also runs an Optum segment that provides care and manages pharmacy benefits for millions of people. Operating earnings for that segment grew nearly 20%.
For the full year, UnitedHealth now expects adjusted earnings of $21.20 to $21.70 per share.
Analysts expect earnings of $21.61 per share on $318.87 billion in revenue.
Shares of Minnetonka, Minnesota-based UnitedHealth Group Inc. climbed in early morning trading.