Humana Logs 3Q Profit, Says Utilization is Returning to Baselines
03 November 2020 - 11:18PM
Dow Jones News
By Matt Grossman
Humana Inc. Tuesday posted a third-quarter profit on higher
revenue year over year, but said it expects a fourth-quarter loss
as utilization levels normalize following lows reached during the
coronavirus pandemic.
The Louisville, Ky.-based health-insurance company recorded a
third-quarter profit of $10.05 a share, up from $5.14 a share in
the same three-month period a year earlier.
On an adjusted basis, Humana's profit was $3.08 a share.
Analysts surveyed by FactSet had expected an adjusted profit of
$2.81 a share.
Revenue was $20.08 billion, up from $16.24 billion in last
year's third quarter. Analysts had expected revenue of $18.62
billion.
Utilization had fallen sharply during the coronavirus pandemic
but continued a return to nearly normal levels by the end of the
quarter, Humana said, as people sought health care they had
postponed. Utilization reached 95% of baseline levels by the end of
the quarter, with fully insured members in its group and specialty
segment seeking care at higher rates than seniors and Medicaid plan
members in Humana's retail segment.
Higher utilization and Covid-19 testing and treatment costs
dragged on results in the quarter, Humana said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
November 03, 2020 07:03 ET (12:03 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Humana (NYSE:HUM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Humana (NYSE:HUM)
Historical Stock Chart
From Jul 2023 to Jul 2024
