UnitedHealth Group Inc (NYSE:UNH) has reported third-quarter revenue and earnings that beat analysts’ expectations, sending its shares higher in Friday pre-market trading.
The Minnesota-based healthcare and wellbeing giant said growth over the three months to September 30, 2023, was driven by more people using its services, as well as a broader offering, as it raised its full-year outlook.
The company owns insurer UnitedHealthcare (UNH) as well as Optum, which provides primary and surgical care, pharmacy benefits and services to providers, hospitals and insurers across the health system.
It is seen as a defensive play when economic conditions are tough.
Revenue for the quarter rose 14% to $92.4 billion, ahead of the $91.4 billion expected by the Street.
Adjusted earnings per share (EPS) jumped 13% to $6.56, beating the consensus forecast for EPS of $6.33, according to Zacks Investment Research.
“As a result of our colleagues’ steadfast focus on helping people access and receive the care they need, we are well-positioned to help even more people and continue to generate strong, diversified growth in the coming years,” CEO Andrew Witty commented in a statement.
The company strengthened the range of its full-year 2023 adjusted net earnings outlook to $24.85 to $25.00 per share.
Its shares rose 0.3% to $526.97 ahead of the opening bell.
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