MINNETONKA (dpa-AFX) - UnitedHealth Group (UNH) updated full year 2024 net earnings outlook to $15.95 to $16.40 per share to reflect the classification to held for sale of its remaining South America operations and the estimated Change Healthcare cyberattack impacts. In April, the company projected full year 2024 net earnings outlook in a range of $17.60 to $18.20 per share. The company affirmed the adjusted net earnings outlook of $27.50 to $28.00 per share established at November 2023 Investor Conference. UnitedHealth said the consistent outlook absorbs an estimated $0.60 to $0.70 per share of business disruption impacts for the affected Change Healthcare services, which has increased $0.30 per share since the initial estimate was provided last quarter. Analysts polled by Thomson Reuters expect the company to report profit per share of $27.59. Analysts' estimates typically exclude special items.
As an update to Cyberattack Update, UnitedHealth Group noted that it has restored the majority of the affected Change Healthcare services. The company has provided over $9 billion in advance funding and interest-free loans. UnitedHealth estimates the total 2024 impact at $1.90 to $2.05 per share.
Second quarter net income totaled $4.22 billion, or $4.54 per share compared with $5.47 billion, or $5.82 per share, in last year's second quarter. Excluding items, adjusted earnings was $6.80 per share compared to $6.14. Analysts on average had expected the company to earn $6.66 per share, according to figures compiled by Thomson Reuters.
Revenue for the quarter increased to $98.86 billion from $92.90 billion last year. Analysts on average had estimated $98.84 billion in revenue.
Shares of UnitedHealth are down 1% in pre-market trade on Tuesday.
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