UPDATE: Humana Posts Upbeat Q1 Earnings
Humana (NYSE: HUM) reported a 22% drop in its first-quarter profit.
Humana's quarterly earnings slipped to $368 million, or $2.35 per share, from a year-ago profit of $473 million, or $2.95 per share.
Its revenue climbed 12% to $11.71 billion. However, analysts were expecting earnings of $1.94 per share on revenue of $11.52 billion.
Humana's total operating expenses surged 13% in the quarter. The company backed its earnings forecast for the full year.
The company's press release offered the following comment from Bruce D. Broussard, President and Chief Executive Officer of Humana:
“Our first quarter results reflect our success in growing membership and timely engagement with our members, assisting them with their health conditions, especially chronic conditions. Our progress with our clinical programs has provided members stable benefits and improving quality ratings.”
Humana shares fell 0.30% to close at $109.79 yesterday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.