UnitedHealth Reports Strong Q2 Earnings with $6.80 EPS and $98.86B Revenue, Reaffirms 2024 Outlook

Jul 16, 2024, 10:00 AM

UnitedHealth Group reported better-than-expected earnings for the second quarter of 2024. The company posted adjusted earnings per share (EPS) of $6.80, surpassing the analyst estimate of $6.66. Revenue for the quarter was $98.86 billion, slightly below the expected $98.95 billion. Operating cash flow for the quarter was $6.7 billion. Despite the revenue miss, UnitedHealth reaffirmed its full-year adjusted EPS outlook, projecting it to be between $27.50 and $28.00. The company also highlighted the impact of a cyberattack, which led to a cost of $0.92 per share in the second quarter. Furthermore, UnitedHealth revised its forecast for the impact of the Change hack disruption, now expecting a $0.60 to $0.70 per share impact, up from the initial estimate of $0.30 to $0.40. The strong performance was driven by robust demand in its healthcare services unit, even as a key measure of the insurer’s medical costs was higher than anticipated.