HUM - Humana reports strong Q1 2024 results revises full-year guidance

2024-04-24 07:12:13 ET

Humana Inc. (NYSE: HUM) has delivered robust financial results for the first quarter of 2024, reaffirming its full-year guidance despite facing challenges in the market. The company’s Q1 earnings per share (EPS) stood at $6.11 on a GAAP basis and $7.23 on an adjusted basis, showcasing its resilience amidst market uncertainties.

Solid financial performance

In Q1 2024, Humana reported earnings per share (EPS) of $6.11 on a GAAP basis and $7.23 on an adjusted basis, surpassing expectations.

The company’s revenue stood at $29.611 billion, marking a significant year-over-year increase of 10.7%. This strong financial performance reflects Humana’s resilience and strategic initiatives amidst a challenging economic landscape.

Humana revises GAAP EPS guidance

Humana has revised its GAAP EPS guidance for the fiscal year 2024 to approximately $13.93, while affirming its adjusted EPS guidance of approximately $16.00.

The company also raised its 2024 individual Medicare Advantage annual membership growth by 50,000, now anticipating annual growth of approximately 150,000, or 2.8%.

This upward adjustment underscores Humana’s confidence in its Medicare Advantage business and its commitment to driving sustainable growth. The company continues to expand its footprint in Medicaid, securing recent contract wins in key markets such as Florida, Texas, and Virginia.

These expansions further strengthen the company’s position in the healthcare landscape and underscore its dedication to serving diverse populations.

Additionally, Humana has published prepared management remarks on its Investor Relations page, providing stakeholders with comprehensive insights into its financial performance and future outlook.

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