UnitedHealth Backs FY20 Outlook; Q1 Results Miss Estimates - Quick Facts

(RTTNews) - 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, and adjusted earnings was $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.