UnitedHealth stock rises toward a 4-month high after earnings beat, raised outlook

Shares of UnitedHealth Group Inc.
UNH,
-2.37%
rose 0.2% toward a four-month high in premarket trading Friday, after the health insurer reported profit and revenue that rose above expectations and lifted its full-year earnings outlook. Net income increased to $5.61 billion, or $5.95 a share, from $5.03 billion, or $5.27 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $6.26 topped the FactSet consensus of $6.16. Revenue grew 14.7% to $91.93 billion, well above the FactSet consensus of $89.70 billion, as UnitedHealthcare revenue rose 12.6% and Optum revenue increased 24.9%. UnitedHealthcare served nearly 2 million more people than it did a year ago, with growth across its commercial, community-based and senior-benefit offerings. For 2023, the company raised its adjusted EPS guidance range to $24.50 to $25.00 from $24.40 to $24.90. The stock has slipped 0.8% year to date through Thursday, while the Health Care Select Sector SPDR exchange-traded fund
XLV,
-0.98%
has eased 0.1% and the Dow Jones Industrial Average
DJIA,
-0.69%
has gained 2.7%.