UnitedHealth tops Street 1Q forecasts
MINNETONKA, Minn. (AP) - UnitedHealth Group Inc. on Tuesday reported first-quarter net income of $2.17 billion.
On a per-share basis, the Minnetonka, Minnesota-based company said it had net income of $2.23. Earnings, adjusted for amortization costs, were $2.37 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.18 per share.
The largest U.S. health insurer posted revenue of $48.72 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $48.37 billion.
UnitedHealth expects full-year earnings in the range of $9.65 to $9.85 per share, with revenue expected to be $200 billion.
UnitedHealth shares have increased 4.5 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 5 percent. The stock has risen 31 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UNH at https://www.zacks.com/ap/UNH
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Keywords: UnitedHealth Group, Earnings Report, Priority Earnings