Humana (NYSE:HUM) saw its shares drop by around 5% intra-day today despite the announcement of its fiscal Q1/24 results, which surpassed analyst expectations in both earnings and revenue. The company reported an earnings per share (EPS) of $7.23 for the quarter, significantly above the consensus estimates of $6.12. Revenue also exceeded expectations, totaling $29.33 billion compared to the forecast of $28.52 billion.
While Humana adjusted its GAAP EPS forecast for the full year to $13.93, down from the previous estimate of $14.87, it maintained its adjusted EPS guidance at $16.00. Additionally, the company raised its 2024 outlook for individual Medicare Advantage membership growth. Humana now anticipates an annual increase of about 150,000 members, or 2.8%, which is an adjustment upward by 50,000 members from its previous projection.