Shares of UnitedHealth Group Inc.
UNH,
+0.30%
jumped 1.7% into record territory in premarket trading Thursday, after the health care services company reported first-quarter profit and revenue that rose above expectations and raised its full-year outlook. “COVID-19 treatment and testing during the quarter was higher than expected, paired with higher elective care deferral patterns,” the company said in a statement. Net income rose to $4.86 billion, or $5.08 a share, from $3.38 billion, or $3.52 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $5.31 from $3.72, beating the FactSet consensus of $4.39. Total revenue increased 9.0% to $70.20 billion, above the FactSet consensus of $69.02 billion, as premiums rose 9.6% to $55.49 billion to beat expectations of $54.57 billion. Revenue for the Optum business grew 10.8% to $36.4 billion. The company raised its 2021 adjusted EPS guidance range to $18.10 to $18.60 from $17.75 to $18.25. The stock, which is on track to open above the March 29 record close of $379.06, has advanced 7.1% year to date, while the Dow Jones Industrial Average
DJIA,
+0.16%
has gained 9.8%.
