Humana Inc. Q4 Profit Beats Estimates; Revenues Up 6.6%

(RTTNews) - Humana Inc. (HUM) reported fourth-quarter adjusted earnings per share of $1.62 compared to $1.24, prior year. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $1.46, for the quarter. Analysts' estimates typically exclude special items.

"Humana is pleased to start the year in a position of strength, with robust 2023 individual Medicare Advantage membership growth expected to be at least 625,000 for the year, a year-over-year increase of 13.7 percent," said Bruce Broussard, Humana's CEO.

Fourth quarter net loss to company was $15 million compared to a loss of $14 million, last year. Loss per common share was $0.12 compared to a loss of $0.11, previous year.

Fourth quarter total revenues were $22.44 billion compared to $21.05 billion, last year. Adjusted revenues were $22.44 billion compared to $21.20 billion. Analysts on average had estimated $22.5 billion in revenue. Premiums were $21.28 billion, up 7.3%.

For fiscal 2023, the company expects EPS of at least $27.57 on a GAAP basis; at least $28.00 on an adjusted basis. Analysts expect the company to report profit per share of $28.0. Consolidated revenues are estimated in a range of $102.7 billion to $104.7 billion.

Looking ahead, the company is confident in achieving its 2025 adjusted EPS commitment of $37.0.

Also, Humana Inc. announced it has hired health care industry veteran Sanjay Shetty to lead its health care services business, CenterWell. Shetty comes from Steward Health Care System where he currently serves as President. Humana also announced that George Renaudin, Senior Vice President and President of Medicare, has been promoted to President of Medicare and Medicaid, effective immediately.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.