UnitedHealth Group (NYSE: UNH) topped market expectations for earnings in the second quarter of 2019 while revenues matched forecasts. Shares rose by 1.6% in premarket hours on Thursday.
Total revenues grew 8% year-over-year to $60.6 billion, driven by double-digit percentage revenue growth at UnitedHealthcare Medicare & Retirement, OptumRx and OptumHealth.
Net earnings attributable to UnitedHealth Group common shareholders was $3.2 billion, or $3.42 per share, compared to $2.9 billion, or $2.98 per share, in the year-ago period. Adjusted EPS grew 15% year-over-year to $3.60.
During the quarter, operating cost ratio of 13.9% was up 110 basis points from the year-ago period, reflecting the deferral of the health insurance tax and continued effects of productivity advances and operating cost management disciplines. Consolidated medical care ratio increased 120 basis points year-over-year to 83.1%. Days claims payable was 49 days.
In the UnitedHealthcare segment, revenues grew 6% to $48.6 billion from the year-ago quarter, helped by revenue growth across most of its divisions. The business grew to serve 705,000 more people with medical benefits in the past year.
In the Optum segment, revenues grew 13.4% year-over-year to $28 billion, driven by revenue growth in all three units. OptumHealth served approx. 95 million people at quarter-end and the average revenue per consumer rose 17% year-over-year. OptumRx fulfilled 343 million adjusted scripts in the quarter, which was up 3.3% versus last year.
The company raised its outlook for fiscal year 2019 and now expects GAAP EPS of $13.95-14.15 and adjusted EPS of $14.70-14.90.
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