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UnitedHealth Group beat industry projections by earning $4.9 billion in profit during the first quarter, according to an earnings report released Thursday. That s an increase of $3.4 billion from the same quarter in 2020.
Revenues hit $70.2 billion, up 9% compared to the first quarter of this year, when it posted $64.4 billion in revenues. UHG said its growth was balanced across subsidiaries UnitedHealthcare and Optum. Revenues grew 7.9% year over year, hitting $55.1 billion, a $4 billion increase from Q1 2020.
Based on initial 2021 business performance trends, UHG increased its full year net earnings outlook to $17.15 to $17.65 per share and adjusted earnings to $18.10 to $18.60 per share. This outlook continues to include about $1.80 per share in potential unfavorable impact to accommodate the continuing impacts of COVID-19, such as testing and treatment costs; the residual impact of people having deferred care in 2020; and unemployment and