UnitedHealth stock gains after profit beat and raised outlook, as revenue tops $80 billion

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Shares of UnitedHealth Group Inc. UNH, +5.44% climbed 1.0% in premarket trading Friday, after the health care services and benefits company reported second-quarter earnings that were comfortably above expectations citing “balanced” growth across its businesses, and raised its full-year profit outlook. Net income rose to $5.07 billion, or $5.34 a share, from $4.27 billion, or $4.46 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $5.57 beat the FactSet consensus of $5.21. Revenue grew 12.6% to $80.33 billion, above the FactSet consensus of $79.68 billion, as premiums revenue increased 13.6% to $63.90 billion to beat expectations of $63.22 billion. Optum revenue rose 18% to $45.1 billion. Total operating costs grew 12.0% to $73.20 billion. For 2022, the company raised its adjusted EPS guidance range to $21.40 to $21.90 from $21.20 to $21.70, and continued to surround the current FactSet consensus of $21.69. The stock has gained 0.1% year to date through Thursday, while the SPDR Health Care Select Sector ETF XLV, +2.41% has shed 9.8% and the Dow Jones Industrial Average DJIA, +2.15% has dropped 15.7%.

This article was originally published by Marketwatch.com. Read the original article here.

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