UnitedHealth Group Inc (NYSE:UNH, ETR:UNH) shares got a pre-market shot in the arm as Tuesday's first-quarter earnings beat Wall Street expectations, despite the impact of the cyberattack at its Change Healthcare unit.
The health insurance giant, a top 20 member of the S&P 500, reported adjusted earnings per share of $6.91, which was better than the $6.59 EPS that analysts had forecast.
But after including the hit from disruptions caused by the February cyberattack, a first-quarter net loss of $1.53 per share was reported, a figure that also included the impact of the sale of its Brazil arm and currency effects.
Total cyberattack impacts in the first quarter amounted to $0.74 per share.
Revenue of $99.8 billion for Q1 also beat the Street's $99.21 billion estimate.
Management updated its full-year 2024 net earnings outlook to $17.60 to $18.20 per share to reflect the sale of its company Brazil operations and the estimated direct response costs of the cyberattack.
UnitedHealth said the total costs from the attack could range from $1.15 to $1.35 per share, equating to as much as $1.6 billion for the full year.
Guidance for adjusted net EPS was maintained for $27.50 to $28.00 for the whole of 2024.
The shares jumped 6.9% to $476.50 in pre-market trading.