UnitedHealth Q1 Adjusted EPS $6.91, Revenue $99.8B Beat Estimates Despite Cyberattack

Apr 16, 2024, 10:08 AM

UnitedHealth Group reported first-quarter earnings that surpassed Wall Street expectations, despite significant financial impacts from a cyberattack on its Change Healthcare unit in February. The company recorded adjusted earnings per share (EPS) of $6.91, including a 25 cent impact from the cyberattack, beating the forecast of $6.59, and posted revenue of $99.8 billion, also above the expected $99.21 billion. The cyberattack led to a direct hit of $872 million to its profit for the quarter, and the operating cost ratio was 14.1%. UnitedHealth has updated its full-year earnings outlook, reflecting the financial repercussions of the cyberattack, with estimated direct costs between $1 billion and $1.15 billion. Shares were up due to roughly in-line medical costs.