Humana Inc. reported second-quarter GAAP consolidated pretax income of $1.04 billion, compared to $636 million in the year-ago quarter.
GAAP EPS was $4.46 per share, compared to $2.06 per share in the year-ago quarter.
The insurance company saw year-over-year improvement in earnings for the individual Medicare Advantage and individual commercial businesses, but its group and specialty and healthcare services segments saw lower pretax earnings.
Adjusted EPS for the quarter was $3.49, compared to $3.29 in the year-ago quarter.
The S&P Global consensus normalized EPS estimate for the second quarter was $3.07.
Revenues declined year over year to $13.53 billion from $14.01 billion as premiums fell 3.3% to $13.20 billion from $13.65 billion during that period. Operating expenses reduced year over year to $12.43 billion from $13.32 billion.
Humana raised its GAAP and adjusted EPS guidance for full year 2017. The company now expects GAAP EPS of about $17.83, up from the previous guidance of at least $16.91. Adjusted EPS is now projected to be approximately $11.50, up from the previous guidance of at least $11.10
The S&P Global consensus normalized EPS estimate for full year 2017 is $11.15.
The company now expects 74% of its June 30 Medicare Advantage membership to be in 4-Star plans or higher for bonus year 2018.