Humana (HUM) surges on Q1 beat, reiterated adjusted earnings outlook

Shares of Humana (NYSE: HUM) jumped more than 6.5% after the company reported better-than-expected earnings and revenue for the fiscal Q1 2024.

Earnings per share (EPS) stood at $7.23 in the quarter, outperforming the consensus estimates of $6.12. Revenue came in at $29.33 billion, also above the projected $28.52 billion.

In terms of guidance, Humana has revised its GAAP EPS forecast for the fiscal year ending December 31, 2024, lowering it to $13.93 from the previous estimate of $14.87.

However, the company has maintained its adjusted EPS guidance at $16.00.

Moreover, the healthcare service provider has increased its 2024 forecast for individual Medicare Advantage membership growth, now expecting an annual increase of about 150,000 members, or 2.8%, up by 50,000 from its earlier projection.

By Vahid Karaahmetovic

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