Humana's stock surges on big earnings beat, raised outlook for Medicare Advantage membership growth

Dow Jones04-24

MW Humana's stock surges on big earnings beat, raised outlook for Medicare Advantage membership growth

Shares of Humana Inc. $(HUM)$ charged 6.7% higher in premarket trading Wednesday, after the health insurer reported first-quarter profit and revenue that beat expectations by wide margins and boosted its outlook for Medicare Advantage membership growth. Net income fell to $1.01 billion, or $6.11 a share from $1.61 billion, or $9.87 a share in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of $7.23 beat the FactSet consensus of $6.12. That marked a stark change from the previous quarter, when the company reported a surprise per-share loss, the first quarterly adjusted loss in three years. Total revenue grew 1.7% to $29.61 billion, above the FactSet consensus of $28.56 billion. For 2024, the company raised its guidance for Medicare Advantage annual membership growth to approximately 150,000 from about 100,000, while maintaining its outlook for $16.00 in adjusted EPS. The stock has tumbled 28.4% year to date through Tuesday, while the Health Care Select Sector SPDR ETF $(XLV)$ has gained 3.6% and the S&P 500 has advanced 6.3%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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April 24, 2024 06:40 ET (10:40 GMT)

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