Humana Inc HUM reported Q1 adjusted EPS of $9.38, up from $7.81 a year ago, beating the consensus of $9.27.
Humana said in a statement that its first-quarter 2023 performance was underpinned by robust membership growth and favorable inpatient utilization trends in the individual Medicare Advantage (MA) business.
The insurer reported revenue of $26.74 billion in the first quarter of 2023, up 12% from $23.9 billion a year ago, below the consensus of $26.44 billion.
Humana ended the quarter with 17.1 million members across all of its plans, including 8.6 million across its MA and standalone Medicare prescription drug plans.
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Guidance: Humana forecasts adjusted EPS of at least $28.25, up from $28 expected earlier versus the consensus Of $28.11 on the strength of Q1 results.
"All in, we are pleased with the solid start, which reflects our company's strong fundamentals and positions us well for meeting our mid-term Adjusted EPS target of $37 in 2025," said Bruce Broussard, Humana's president & CEO.
The insurer projected strong individual MA membership growth for 2023, and it expects to add 775,000 MA members this year, or growth of 17% from 2022, "meaningfully higher than industry growth."
Price Action: HUM shares are up 0.12% at $502.27 on the last check Wednesday.
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