Humana earnings and revenue beat expectations
Humana Inc. reported Wednesday fourth-quarter earnings and revenue that beat expectations, helped by lower inpatient medical utilization, which was partially offset by higher outpatient spending. The health care company's stock was still inactive in premarket trade. Net income was $436 million, or $2.58 a share, compared with $490 million, or $1.29 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.65, above the FactSet consensus of $2.53. Revenue rose to $14.17 billion from $13.19 billion, beating the FactSet consensus of $13.94 billion. For 2019, the company expects adjusted EPS of $17.00 to $17.50, compared with the FactSet consensus of $17.48. Humana shares have dropped 8.6% over the past three months, while the SPDR Health Care Select Sector ETF has slipped 0.2% and the S&P 500 has eased 0.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.