UnitedHealth Group reported record second quarter results for 2006, with GAAP net earnings of $0.70 per share, a 21% increase over the second quarter of 2005. Revenues increased 57% year-over-year to nearly $18 billion. The operating margin expanded to 9.1% and operating cash flows were $1.7 billion. UnitedHealth Group increased its earnings per share growth outlook for 2006 to 23-25% and expects baseline EPS to increase 15% in 2007. Business segments like Health Care Services and Uniprise saw revenue and membership growth across key areas.
United Health Group [PDF Document] Earnings Releasefinance3
UnitedHealth Group reported record third quarter results, with net earnings of $1.04 per share, up 35% from the prior year. Revenues increased 36% to over $9.8 billion. Strong customer growth was seen across all business segments. Operating margins expanded to 11.1% and operating cash flows increased 49% to over $950 million. The company also updated full-year 2004 earnings guidance to $3.92 per share, up from the previous projection, and provided preliminary 2005 earnings guidance of $4.70-$4.75 per share.
UnitedHealth Group reported record second quarter results for 2004, with revenues of $8.7 billion (up 23% year-over-year), earnings from operations of $945 million (up 33% year-over-year), and earnings per share of $0.93 (up 31% year-over-year). Every business segment experienced growth in revenues, earnings, and operating margins compared to the prior year quarter. The company also saw increases in medical costs payable and cash flows from operations. For the full year, UnitedHealth expects earnings per share of $3.79 to $3.82, excluding gains from an upcoming acquisition, and anticipates the acquisition will add approximately $0.04 per share per quarter
UnitedHealth Group reported record third quarter results, with net earnings of $0.64 per share, up 23% from the previous year. Total revenues increased 15% to over $11.3 billion due to strong growth across all business segments. Operating margins expanded to 12.2% as costs remained well controlled. For the full year, the company expects earnings per share growth of 26% and sees further growth of 15% or more in 2006.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported strong third quarter 2007 results, with net earnings per share of $0.95, up 19% year-over-year. Operating margins expanded 110 basis points to 11.5% due to margin gains in the Health Care Services segment. Medical costs ratios improved across all business segments. UnitedHealth Group expects full year 2007 earnings of $3.49-$3.50 per share and 2008 earnings of $3.95-$4.00 per share.
UnitedHealth Group reported financial results for Q4 2008 and full year 2008. Revenues for 2008 exceeded $81 billion, up 8% from 2007. Adjusted net earnings per share were $2.95 for 2008 and $0.78 for Q4 2008. Cash flows from operations were $1.6 billion for Q4 2008 and $4.8 billion for 2008. The company expects 2009 net earnings in the range of $2.90 to $3.15 per share.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
Aetna reported its second-quarter 2006 results, with the following key highlights:
- Operating earnings per share of $0.65, up 23% from the prior year, and in line with estimates. Total revenues increased 14% to $6.3 billion.
- Full-year 2006 operating earnings per share guidance increased to a range of $2.77 to $2.79 per share, up from prior guidance.
- Certain areas like a large government case and stop-loss product underperformed due to higher than expected large claims. The commercial risk medical cost ratio was 81.4%, excluding development.
- Membership increased year-over-year but declined slightly sequentially, to
UnitedHealth Group reported first quarter 2007 results, with key highlights including:
- Net earnings of $0.66 per share, or $0.74 per share excluding 409A charges, up 17% year-over-year.
- Revenues increased 8% to $19 billion.
- Operating margin was 8.3%, or 9.2% excluding 409A charges.
- Cash flows from operations were $2.6 billion, or $1.1 billion adjusted for CMS payment timing.
The company extended its relationship with AARP and positioned itself for continued diversified growth. UnitedHealth increased its full-year 2007 earnings outlook to $3.42-$3.46 per share
United Health Group [PDF Document] Earnings Releasefinance3
UnitedHealth Group reported record third quarter results, with net earnings of $1.04 per share, up 35% from the prior year. Revenues increased 36% to over $9.8 billion. Strong customer growth was seen across all business segments. Operating margins expanded to 11.1% and operating cash flows increased 49% to over $950 million. The company also updated full-year 2004 earnings guidance to $3.92 per share, up from the previous projection, and provided preliminary 2005 earnings guidance of $4.70-$4.75 per share.
UnitedHealth Group reported record second quarter results for 2004, with revenues of $8.7 billion (up 23% year-over-year), earnings from operations of $945 million (up 33% year-over-year), and earnings per share of $0.93 (up 31% year-over-year). Every business segment experienced growth in revenues, earnings, and operating margins compared to the prior year quarter. The company also saw increases in medical costs payable and cash flows from operations. For the full year, UnitedHealth expects earnings per share of $3.79 to $3.82, excluding gains from an upcoming acquisition, and anticipates the acquisition will add approximately $0.04 per share per quarter
UnitedHealth Group reported record third quarter results, with net earnings of $0.64 per share, up 23% from the previous year. Total revenues increased 15% to over $11.3 billion due to strong growth across all business segments. Operating margins expanded to 12.2% as costs remained well controlled. For the full year, the company expects earnings per share growth of 26% and sees further growth of 15% or more in 2006.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported strong third quarter 2007 results, with net earnings per share of $0.95, up 19% year-over-year. Operating margins expanded 110 basis points to 11.5% due to margin gains in the Health Care Services segment. Medical costs ratios improved across all business segments. UnitedHealth Group expects full year 2007 earnings of $3.49-$3.50 per share and 2008 earnings of $3.95-$4.00 per share.
UnitedHealth Group reported financial results for Q4 2008 and full year 2008. Revenues for 2008 exceeded $81 billion, up 8% from 2007. Adjusted net earnings per share were $2.95 for 2008 and $0.78 for Q4 2008. Cash flows from operations were $1.6 billion for Q4 2008 and $4.8 billion for 2008. The company expects 2009 net earnings in the range of $2.90 to $3.15 per share.
- Aetna reported its second quarter 2005 results, with operating earnings of $1.20 per share, up 27% from the prior year quarter. Net income was $1.35 per share, a 50% increase.
- Total revenues increased 13% to $5.5 billion, driven by higher membership levels and premium/fee increases. Medical membership increased by 60,000 in the quarter.
- The company reaffirmed its full-year EPS guidance of $4.52-$4.57 despite increased spending on Medicare programs and higher interest expenses.
Aetna reported its second-quarter 2006 results, with the following key highlights:
- Operating earnings per share of $0.65, up 23% from the prior year, and in line with estimates. Total revenues increased 14% to $6.3 billion.
- Full-year 2006 operating earnings per share guidance increased to a range of $2.77 to $2.79 per share, up from prior guidance.
- Certain areas like a large government case and stop-loss product underperformed due to higher than expected large claims. The commercial risk medical cost ratio was 81.4%, excluding development.
- Membership increased year-over-year but declined slightly sequentially, to
UnitedHealth Group reported first quarter 2007 results, with key highlights including:
- Net earnings of $0.66 per share, or $0.74 per share excluding 409A charges, up 17% year-over-year.
- Revenues increased 8% to $19 billion.
- Operating margin was 8.3%, or 9.2% excluding 409A charges.
- Cash flows from operations were $2.6 billion, or $1.1 billion adjusted for CMS payment timing.
The company extended its relationship with AARP and positioned itself for continued diversified growth. UnitedHealth increased its full-year 2007 earnings outlook to $3.42-$3.46 per share
UnitedHealth Group reported third quarter 2008 results, with revenues of $20.2 billion, up 8% year-over-year. Net earnings were $0.75 per share. The medical care ratio increased 220 basis points to 81.7% due to premium rates rising more slowly than medical costs. Adjusted cash flows from operations were $2.4 billion, up from $2.1 billion in the prior year.
bristol myerd squibb Bristol-Myers Squibb Company Reports Third Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for Q3 2008, with 14% growth in net sales and a 39% increase in non-GAAP EPS compared to Q3 2007. The company strengthened its cash position to $7.2 billion and reduced its net debt by $4.6 billion. Bristol-Myers Squibb raised its 2008 GAAP EPS guidance to $1.61-$1.66 and refined its non-GAAP EPS guidance to $1.65-$1.70, representing the upper range of previous guidance. The company also reaffirmed 15% minimum annual non-GAAP EPS growth through 2010.
This document is a press release from Cardinal Health announcing their fiscal 2008 results and fiscal 2009 outlook. Some key points:
- Fiscal 2008 revenue increased 5% to $91 billion and GAAP EPS increased 76% to $3.64. Non-GAAP EPS grew 11% to $3.80.
- The company is exploring a potential spin-off of their clinical and medical products businesses into a separate publicly traded company.
- For fiscal 2009, revenue is expected to grow 6-7% while non-GAAP EPS is expected to be between $3.80-$3.95, though investments in R&D and IT may impact near-term growth.
- Challenges in the
Bristol-Myers Squibb reported strong fourth quarter 2008 results, with net sales increasing 4% driven by key products like Plavix, Abilify, and Orencia. Gross profit margins improved significantly due to cost improvements and favorable product mix. Research and development expenses increased to fund new collaborations. The company provided guidance for 2009 GAAP EPS of $1.58-$1.73 and non-GAAP EPS of $1.85-$2.00, expecting revenue growth and further margin improvements. Bristol-Myers will continue business development efforts and advancing its pipeline to create long-term shareholder value.
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for the first quarter of 2008, with net sales growing 20% driven by growth in the pharmaceutical business. Earnings from continuing operations grew 51% to $1.29 billion compared to the first quarter of 2007. The company reaffirmed its 2008 earnings guidance and announced plans to file an IPO to sell approximately 10% of its Mead Johnson Nutritionals business. Key drugs such as Abilify, Plavix, and Baraclude saw sales increases in the double-digit percentages compared to the first quarter of 2007.
1) U.S. Bancorp reported record net income of $1.071 billion for the first quarter of 2005, up 1.4% from the previous quarter and up 6.3% from the first quarter of 2004.
2) Fee revenue grew over 9% year-over-year, driven by a 15% increase in payment services, while deposit service charges rose over 13%.
3) Commercial loan balances increased 7.3% year-over-year and net charge-offs declined significantly from the previous year, reflecting improving credit quality.
energy future holindings Q206 Earnings Release_Combined_FINALfinance29
TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...finance13
Bristol-Myers Squibb reports strong financial performance in Q2 2008 with 16% growth in global net sales and 24% increase in pre-tax earnings. They reaffirmed 2008 EPS guidance and announced plans to achieve an additional $1 billion in productivity savings by 2012. Key drivers of growth were double-digit sales increases of drugs such as Plavix, Abilify, and the HIV/Hepatitis portfolio. Bristol-Myers Squibb also submitted regulatory filings for the diabetes drug Onglyza in the US and Europe.
Anthem, Inc. to Acquire Trigon Healthcare, Inc. Both Companies Report Stronge...finance4
Anthem, Inc. announced an agreement to acquire Trigon Healthcare, Inc. for approximately $4 billion. The acquisition will extend Anthem's presence into Virginia and increase its membership to over 10 million. Both companies reported strong earnings growth in the first quarter of 2002 and increased earnings expectations for the full year. The acquisition is expected to achieve operational synergies and be accretive to Anthem's earnings beginning in 2003.
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 102% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Revenue growth was driven by increases in radio broadcasting and outdoor advertising revenue. The company continued its share repurchase program, repurchasing $1.3 billion of shares since August 2005.
This document summarizes Humana's financial results for the first quarter of 2009. It reports that Humana's EPS for Q1 2009 was $1.22, ahead of guidance. It also raises full-year 2009 EPS guidance to a range of $6.10 to $6.20. Both the Government and Commercial Segments saw improved pretax results compared to Q1 2008. Medicare Advantage membership increased year-over-year while PDP membership declined. Commercial medical membership was flat but premiums increased due to pricing discipline.
allstate Quarterly Investor Information 2006 1st Earnings Press Release finance7
- Net income and operating income per share increased 34% and 20% respectively in Q1 2006 compared to Q1 2005, driven by strong underwriting income in Property-Liability.
- Property-Liability underwriting income increased $261 million to $1.24 billion in Q1 2006 due to higher premiums earned, continued favorable auto and homeowner loss trends excluding catastrophes, and favorable prior year reserve reestimates, partially offset by higher restructuring charges and current year severity.
- Allstate Financial operating income declined to $144 million from $149 million in Q1 2005 primarily due to $10 million in higher restructuring charges, partially offset by higher gross margin and lower operating expenses.
Merrill Lynch reported record quarterly net revenues of $8.2 billion for Q2 2006, up 29% from Q2 2005. Net earnings were $1.6 billion for Q2 2006, up 44% from Q2 2005. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - delivered substantial year-over-year revenue and earnings growth. Merrill Lynch also achieved several business and financial records in Q2 2006. Looking forward, Merrill Lynch will continue investing in talent and technology to build capabilities and achieve future growth.
Hospira reported its first-quarter 2009 results, with net sales of $860 million and adjusted diluted EPS of $0.60. The company affirmed its full-year sales projection of 4-6% growth on a constant currency basis and narrowed its EPS guidance to the upper end of its prior range of $2.67-$2.72. First quarter results showed solid sales and earnings growth despite economic uncertainty, driven by improved manufacturing efficiency and favorable volume mix.
Altria Group reported higher earnings for the second quarter of 2008 compared to the same period in 2007. Adjusted diluted earnings per share increased 12.2% as Philip Morris USA's operating income grew 3.8% and cigar maker John Middleton delivered strong volume gains of 11%. Altria reaffirmed its full-year guidance for adjusted diluted earnings per share growth of 9-11%.
Axis Bank reported quarterly results that were in line with estimates, with net profit growing 19% year-over-year driven by a 15.2% rise in net interest income and 14% growth in fee income. However, asset quality concerns rose as the bank sold two large standard loans to ARCs and reported a fresh restructuring of Rs4,600 million. Slippages for the quarter were also higher than expected at Rs24,000 million. Overall, loan growth remained strong at 23.1% and the bank maintained a "Buy" rating based on its robust franchise and growth opportunities.
- The Timken Company reported record second quarter sales of $1.39 billion, up 5% from the previous year, and net income increased 11% to a record $74.7 million.
- Excluding special items, earnings per share increased 17% to a record $0.90 per share compared to $0.77 in the prior year.
- All business segments saw sales increases compared to the previous year, with the Steel Group achieving record sales and earnings before interest and taxes of $75.4 million, up 33% year-over-year.
The AES Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Earnings per share from continuing operations were up 100% to $0.34 compared to the first quarter of 2007, and adjusted earnings per share were up 63% to $0.39.
- Gross margin increased 23% to $1.0 billion compared to the first quarter of 2007, driven by higher prices and volumes across Latin America and Europe.
- Revenue increased 33% to $4.1 billion compared to the first quarter of 2007, reflecting higher prices and volumes as well as favorable foreign currency impacts.
UnitedHealth Group reported record first quarter results for 2006, with net earnings of $0.63 per share, up 15% from the first quarter of 2005. Revenue increased 54% to over $17 billion compared to the same period last year. The company also increased its full year 2006 earnings per share outlook to a range of $2.88 to $2.92, representing growth of 22-24% over 2005. Strong growth was driven by the company's businesses serving seniors, commercial services including consumer-driven healthcare plans, and specialty businesses.
UnitedHealth Group reported record third quarter results in 2006, with net earnings of $0.79 per share, up 30% from the previous year. Revenues increased 55% to $18 billion due to acquisitions and organic growth. Operating margin was 10.3% as growth was matched with cost management. The company expects full-year EPS growth of at least 25% and projects 2007 EPS growth of 15% over projected 2006 EPS of $2.95 to $2.97.
UnitedHealth Group reported third quarter 2008 results, with revenues of $20.2 billion, up 8% year-over-year. Net earnings were $0.75 per share. The medical care ratio increased 220 basis points to 81.7% due to premium rates rising more slowly than medical costs. Adjusted cash flows from operations were $2.4 billion, up from $2.1 billion in the prior year.
bristol myerd squibb Bristol-Myers Squibb Company Reports Third Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for Q3 2008, with 14% growth in net sales and a 39% increase in non-GAAP EPS compared to Q3 2007. The company strengthened its cash position to $7.2 billion and reduced its net debt by $4.6 billion. Bristol-Myers Squibb raised its 2008 GAAP EPS guidance to $1.61-$1.66 and refined its non-GAAP EPS guidance to $1.65-$1.70, representing the upper range of previous guidance. The company also reaffirmed 15% minimum annual non-GAAP EPS growth through 2010.
This document is a press release from Cardinal Health announcing their fiscal 2008 results and fiscal 2009 outlook. Some key points:
- Fiscal 2008 revenue increased 5% to $91 billion and GAAP EPS increased 76% to $3.64. Non-GAAP EPS grew 11% to $3.80.
- The company is exploring a potential spin-off of their clinical and medical products businesses into a separate publicly traded company.
- For fiscal 2009, revenue is expected to grow 6-7% while non-GAAP EPS is expected to be between $3.80-$3.95, though investments in R&D and IT may impact near-term growth.
- Challenges in the
Bristol-Myers Squibb reported strong fourth quarter 2008 results, with net sales increasing 4% driven by key products like Plavix, Abilify, and Orencia. Gross profit margins improved significantly due to cost improvements and favorable product mix. Research and development expenses increased to fund new collaborations. The company provided guidance for 2009 GAAP EPS of $1.58-$1.73 and non-GAAP EPS of $1.85-$2.00, expecting revenue growth and further margin improvements. Bristol-Myers will continue business development efforts and advancing its pipeline to create long-term shareholder value.
bristol myerd squibb Bristol-Myers Squibb Company Reports First Quarter 2008 ...finance13
Bristol-Myers Squibb reported strong financial results for the first quarter of 2008, with net sales growing 20% driven by growth in the pharmaceutical business. Earnings from continuing operations grew 51% to $1.29 billion compared to the first quarter of 2007. The company reaffirmed its 2008 earnings guidance and announced plans to file an IPO to sell approximately 10% of its Mead Johnson Nutritionals business. Key drugs such as Abilify, Plavix, and Baraclude saw sales increases in the double-digit percentages compared to the first quarter of 2007.
1) U.S. Bancorp reported record net income of $1.071 billion for the first quarter of 2005, up 1.4% from the previous quarter and up 6.3% from the first quarter of 2004.
2) Fee revenue grew over 9% year-over-year, driven by a 15% increase in payment services, while deposit service charges rose over 13%.
3) Commercial loan balances increased 7.3% year-over-year and net charge-offs declined significantly from the previous year, reflecting improving credit quality.
energy future holindings Q206 Earnings Release_Combined_FINALfinance29
TXU reported improved financial results for the second quarter and first half of 2006 compared to the same periods in 2005. Operational earnings per share increased 104% for the quarter and 107% year-to-date, driven by higher contribution margins, lower share counts, and other income gains, partially offset by higher expenses. TXU affirmed its outlook for 2006 operational earnings of $5.50-$5.75 per share and a 2% increase for 2007. The company also provided updates on its Power the Future of Texas program to develop new solid-fuel power generation capacity.
- Altria Group reported first quarter 2007 diluted EPS from continuing operations of $1.01, down from $1.24 in first quarter 2006 due to a lower effective tax rate in 2006. Adjusted EPS increased 5.1% to $1.03.
- Altria raised its full-year 2007 diluted EPS forecast to $4.20-$4.25, up from $4.15-$4.20 previously.
- Philip Morris International saw cigarette shipment volume increase 1.5% and operating income increase 9.5% due to higher pricing and favorable currency, though some markets like Japan and Germany declined.
bristol myerd squibb Bristol-Myers Squibb Company Reports Second Quarter 2008...finance13
Bristol-Myers Squibb reports strong financial performance in Q2 2008 with 16% growth in global net sales and 24% increase in pre-tax earnings. They reaffirmed 2008 EPS guidance and announced plans to achieve an additional $1 billion in productivity savings by 2012. Key drivers of growth were double-digit sales increases of drugs such as Plavix, Abilify, and the HIV/Hepatitis portfolio. Bristol-Myers Squibb also submitted regulatory filings for the diabetes drug Onglyza in the US and Europe.
Anthem, Inc. to Acquire Trigon Healthcare, Inc. Both Companies Report Stronge...finance4
Anthem, Inc. announced an agreement to acquire Trigon Healthcare, Inc. for approximately $4 billion. The acquisition will extend Anthem's presence into Virginia and increase its membership to over 10 million. Both companies reported strong earnings growth in the first quarter of 2002 and increased earnings expectations for the full year. The acquisition is expected to achieve operational synergies and be accretive to Anthem's earnings beginning in 2003.
Clear Channel Communications reported financial results for the first quarter of 2006, with revenue increasing 4% to $1.5 billion compared to the first quarter of 2005. Net income increased 102% to $96.8 million, and diluted earnings per share increased 58% to $0.19. Revenue growth was driven by increases in radio broadcasting and outdoor advertising revenue. The company continued its share repurchase program, repurchasing $1.3 billion of shares since August 2005.
This document summarizes Humana's financial results for the first quarter of 2009. It reports that Humana's EPS for Q1 2009 was $1.22, ahead of guidance. It also raises full-year 2009 EPS guidance to a range of $6.10 to $6.20. Both the Government and Commercial Segments saw improved pretax results compared to Q1 2008. Medicare Advantage membership increased year-over-year while PDP membership declined. Commercial medical membership was flat but premiums increased due to pricing discipline.
allstate Quarterly Investor Information 2006 1st Earnings Press Release finance7
- Net income and operating income per share increased 34% and 20% respectively in Q1 2006 compared to Q1 2005, driven by strong underwriting income in Property-Liability.
- Property-Liability underwriting income increased $261 million to $1.24 billion in Q1 2006 due to higher premiums earned, continued favorable auto and homeowner loss trends excluding catastrophes, and favorable prior year reserve reestimates, partially offset by higher restructuring charges and current year severity.
- Allstate Financial operating income declined to $144 million from $149 million in Q1 2005 primarily due to $10 million in higher restructuring charges, partially offset by higher gross margin and lower operating expenses.
Merrill Lynch reported record quarterly net revenues of $8.2 billion for Q2 2006, up 29% from Q2 2005. Net earnings were $1.6 billion for Q2 2006, up 44% from Q2 2005. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - delivered substantial year-over-year revenue and earnings growth. Merrill Lynch also achieved several business and financial records in Q2 2006. Looking forward, Merrill Lynch will continue investing in talent and technology to build capabilities and achieve future growth.
Hospira reported its first-quarter 2009 results, with net sales of $860 million and adjusted diluted EPS of $0.60. The company affirmed its full-year sales projection of 4-6% growth on a constant currency basis and narrowed its EPS guidance to the upper end of its prior range of $2.67-$2.72. First quarter results showed solid sales and earnings growth despite economic uncertainty, driven by improved manufacturing efficiency and favorable volume mix.
Altria Group reported higher earnings for the second quarter of 2008 compared to the same period in 2007. Adjusted diluted earnings per share increased 12.2% as Philip Morris USA's operating income grew 3.8% and cigar maker John Middleton delivered strong volume gains of 11%. Altria reaffirmed its full-year guidance for adjusted diluted earnings per share growth of 9-11%.
Axis Bank reported quarterly results that were in line with estimates, with net profit growing 19% year-over-year driven by a 15.2% rise in net interest income and 14% growth in fee income. However, asset quality concerns rose as the bank sold two large standard loans to ARCs and reported a fresh restructuring of Rs4,600 million. Slippages for the quarter were also higher than expected at Rs24,000 million. Overall, loan growth remained strong at 23.1% and the bank maintained a "Buy" rating based on its robust franchise and growth opportunities.
- The Timken Company reported record second quarter sales of $1.39 billion, up 5% from the previous year, and net income increased 11% to a record $74.7 million.
- Excluding special items, earnings per share increased 17% to a record $0.90 per share compared to $0.77 in the prior year.
- All business segments saw sales increases compared to the previous year, with the Steel Group achieving record sales and earnings before interest and taxes of $75.4 million, up 33% year-over-year.
The AES Corporation reported financial results for the first quarter of 2008 with the following highlights:
- Earnings per share from continuing operations were up 100% to $0.34 compared to the first quarter of 2007, and adjusted earnings per share were up 63% to $0.39.
- Gross margin increased 23% to $1.0 billion compared to the first quarter of 2007, driven by higher prices and volumes across Latin America and Europe.
- Revenue increased 33% to $4.1 billion compared to the first quarter of 2007, reflecting higher prices and volumes as well as favorable foreign currency impacts.
UnitedHealth Group reported record first quarter results for 2006, with net earnings of $0.63 per share, up 15% from the first quarter of 2005. Revenue increased 54% to over $17 billion compared to the same period last year. The company also increased its full year 2006 earnings per share outlook to a range of $2.88 to $2.92, representing growth of 22-24% over 2005. Strong growth was driven by the company's businesses serving seniors, commercial services including consumer-driven healthcare plans, and specialty businesses.
UnitedHealth Group reported record third quarter results in 2006, with net earnings of $0.79 per share, up 30% from the previous year. Revenues increased 55% to $18 billion due to acquisitions and organic growth. Operating margin was 10.3% as growth was matched with cost management. The company expects full-year EPS growth of at least 25% and projects 2007 EPS growth of 15% over projected 2006 EPS of $2.95 to $2.97.
United Health Group [PDF Document] Earnings Releasefinance3
UnitedHealth Group reported financial results for the fourth quarter and full year 2006. Fourth quarter revenues exceeded $18.1 billion, a 47% increase over the previous year. Full year revenues reached $71.68 billion, a 54% increase. Net earnings for the fourth quarter were $1.2 billion and $4.174 billion for the full year. The company affirmed projected 2007 net income in the range of $4.7-4.75 billion, including $980 million to $1 billion in Q1 2007.
United Health Group Earnings Release - Preliminaryfinance3
UnitedHealth Group reported strong second quarter 2007 results, with revenues approaching $19 billion, a 6% increase year-over-year. Operating earnings were $2.03 billion, up 21% year-over-year. Net earnings were $1.197 billion, a 22% increase over the second quarter of 2006. UnitedHealth Group increased its full-year 2007 earnings guidance to a range of $3.43 to $3.48 per share.
UnitedHealth Group reported record second quarter results in 2005, with net earnings of $0.61 per share, up 30% from the previous year. Revenues increased 28% to $11.1 billion due to strong growth across multiple business segments. Customer growth was strong, with over 2 million new individuals served year-to-date. The company expects full year 2005 earnings per share growth of approximately 25% and earnings of at least $0.63 per share in the third quarter.
UnitedHealth Group reported strong financial results for the first quarter of 2009. Revenues increased 8% year-over-year to $22 billion driven by growth in risk-based offerings. Net earnings of $0.81 per share were up 4% year-over-year. Cash flows from operations more than tripled to $1.1 billion. The company continues to project full-year 2009 net earnings of $2.90 to $3.15 per share and cash flows from operations of approximately $5 billion.
United Health GroupForm 8-K Related to Earnings Releasefinance3
UnitedHealth Group reported record revenues and earnings for full-year 2007, with revenues surpassing $75 billion. Earnings from operations grew 15% to $8.03 billion. Adjusted earnings per share increased 18% to $3.50. Cash flows from operations were $5.88 billion, or 126% of net earnings. The medical care ratio improved to 80.6% from 81.2% in 2006. UnitedHealth Group expects earnings per share growth of 13-14% in 2008 to $3.95-$4.00 per share, with cash flows approaching $7 billion.
aetna Download Documentation Earnings Release and Tables2007 3rdfinance9
Aetna reported its third quarter 2007 results. Operating earnings per share increased 15% year-over-year to $0.97, above analyst estimates. Total revenue grew 11% to $6.961 billion driven by membership growth and rate increases. Medical membership increased organically by 228,000 in the quarter. Aetna raised its full-year 2007 operating earnings guidance to $3.48 per share and issued preliminary 2008 guidance of $4.00 per share, representing 15% growth.
- Cardinal Health reported a 5% increase in third quarter revenue to $22.9 billion and GAAP EPS of $1.02, compared to a $0.01 loss in the prior year. Non-GAAP EPS increased 13% to $1.08.
- Revenue growth was driven by the healthcare supply chain medical segment and clinical and medical products sector. However, the supply chain pharmaceutical segment faced challenges including customer disruption and slower market growth.
- The company reaffirmed its fiscal year 2008 non-GAAP EPS guidance range of $3.75 to $3.85.
United Health Group[PDF Document] Earnings Releasefinance3
UnitedHealth Group reported first quarter 2008 results, with revenues increasing 7% to $20.3 billion and people served growing by 2 million to 73 million. Operating margin was 8.4% and net earnings per share grew 5% to $0.78. However, the company reduced its full-year 2008 outlook by 10% to a range of $3.55-$3.60 per share due to higher than expected medical costs and lower investment income. The company remains committed to $4 billion in share repurchases for 2008.
aetna Download Documentation Earnings Release and Tables 2007 2ndfinance9
This document summarizes Aetna's financial results for the second quarter of 2007. Some key points:
- Operating earnings per share were $0.83, up 28% from the prior year, beating analyst estimates. Net income was $0.85 per share, up 27% year-over-year.
- Total revenue increased 9% to $6.8 billion driven by higher premiums and membership. The commercial medical benefit ratio was 80.5%.
- Full-year 2007 operating earnings guidance was increased to $3.40-$3.42 per share based on second quarter results and confidence in sustained performance. Third quarter operating earnings guidance is $0.90-$0.92 per
aetna Download Documentation Earnings Release and Tables2007 1stfinance9
Aetna reported first quarter 2007 results, with operating earnings of $0.81 per share, up 27% from the prior year quarter. Total revenue increased 7% to $6.7 billion. Medical membership increased 270,000 to 15.7 million. Guidance for full-year 2007 operating earnings was raised to $3.35 per share.
Merrill Lynch reported strong financial results for the second quarter and first half of 2007, with record revenues and earnings. Net revenues for Q2 2007 increased 19% year-over-year to $9.7 billion, while net earnings increased 31% to $2.1 billion. Both Global Markets and Investment Banking and Global Wealth Management saw record revenues. For the first half of the year, net revenues were up 21% to a record $19.6 billion, with net earnings up 104% to $4.3 billion. Merrill Lynch exceeded expectations in a volatile market environment and saw continued growth across all business segments and global regions.
Cardinal Health reported second quarter results for fiscal year 2009, with revenue increasing 8% to $25 billion compared to the same period last year. GAAP earnings from continuing operations declined 2% to $319 million, while non-GAAP earnings increased 2% to $335 million. Both the Healthcare Supply Chain Services and Clinical and Medical Products segments saw revenue growth, with Healthcare Supply Chain Services segment profit increasing 6% and Clinical and Medical Products segment profit growing 16%. The company reaffirmed its full-year non-GAAP EPS guidance of $3.50 to $3.60.
Morgan Stanley reported record first quarter results for 2007, with net income up 70% from the previous year. Revenue was $11 billion, up 29%, driven by record sales and trading in both fixed income and equities. Return on equity was 29.9%, up from 21.3% the previous year. All business segments achieved record or higher results, with institutional securities delivering a 71% rise in pre-tax income on the back of strong fixed income and equities trading.
bristol myerd squibb Financial Results for the Fourth Quarter and Twelve Mont...finance13
Bristol-Myers Squibb reported strong financial results for the fourth quarter and full year 2008, driven by growth of key franchises and products. Fourth quarter sales increased 4% year-over-year to $5.2 billion. Gross profit margins improved due to cost improvements and favorable product mix. The company provided 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00, expecting revenue and earnings growth. Bristol-Myers Squibb continued progress on productivity initiatives and business development deals to supplement its pipeline.
- Ameriprise Financial reported net income of $141 million for Q2 2006, down from $149 million in Q2 2005. Adjusted earnings, which exclude certain one-time costs, increased 22% to $195 million.
- Revenue grew 8% to $2.1 billion, driven by a 13% increase in adjusted revenues. Adjusted revenues grew due to increases in management fees, distribution fees, and premiums from strong business performance.
- Adjusted return on equity increased to 10.7% from 10.4% in the previous quarter, reflecting continued improvement in business results and financial targets.
Cardinal Health Q4 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported Q4 FY2016 revenue of $31.4 billion, a 14% increase over Q4 FY2015. Operating earnings increased 11% to $620 million.
- For FY2016, Cardinal Health reported record revenue of $121.5 billion, a 19% increase over FY2015. Operating earnings increased 14% to $2.5 billion.
- For FY2017, Cardinal Health expects revenue to increase in the high-single digit percentage range compared to FY2016. Non-GAAP diluted EPS is expected to be between $5.48 to $5.73.
Merck announced its 2006 financial results, reporting solid revenue growth. Key points:
- Vaccines, SINGULAIR, ZETIA and VYTORIN drove full-year revenue increases. Launches of GARDASIL and JANUVIA provide a platform for continued growth in 2007.
- Full-year 2006 earnings per share were $2.52 excluding certain charges, and $2.03 as reported. Fourth-quarter earnings per share were $0.50 and $0.22, respectively.
- Merck reaffirmed its guidance for 2007 earnings per share between $2.51-$2.59 excluding charges, and $2.36-$2.49 as reported.
Merck reported double-digit earnings per share growth for the second quarter of 2007, driven by strong performance of key products. EPS excluding restructuring charges were $0.82, up 12% from the prior year. Sales increased 6% to $6.1 billion for the quarter. Merck raised its full-year 2007 EPS guidance to a range of $3.00 to $3.10 excluding restructuring charges. Best-selling products like Singulair, Januvia, and vaccines contributed significantly to revenue growth.
Similar to United Health Group [PDF Document] Earnings Release (20)
Merrill Lynch reported first quarter 2003 net earnings of $685 million, a 6% increase from $647 million in the first quarter of 2002. Revenues were $4.9 billion, down 5% from the prior year quarter. While commissions revenue declined due to lower transaction volumes, debt trading increased revenues. Expenses decreased 6% to $2.5 billion for compensation and 7% for other expenses through cost cutting. The results demonstrated progress in diversifying revenues despite difficult markets.
Merrill Lynch reported second quarter net earnings of $1 billion, their second-best quarterly earnings ever. Net revenues for the quarter were $5.3 billion, a 7% increase over the previous year. The pre-tax profit margin of 27.6% was the highest in over 25 years. Global Markets and Investment Banking saw a 25% increase in revenues compared to the previous year and achieved a record pre-tax profit margin. Global Private Client revenues declined 6% from the previous year due to reduced transaction activity, but the pre-tax profit margin increased. Merrill Lynch continues initiatives to diversify revenues and leverage client relationships across business segments.
Merrill Lynch reported net earnings of $1.04 billion for Q3 2003, a 50% increase from $693 million in Q3 2002. This was the highest third quarter earnings in company history and the second-best quarterly earnings overall. Revenues increased 16% to $5.1 billion from Q3 2002, driven by strong growth in global markets and investment banking. The pre-tax profit margin rose to 29.8% from 24.2% in Q3 2002.
Merrill Lynch reported record quarterly and annual net earnings for 2003. Net earnings for 2003 were $4.0 billion, up 59% from 2002. Fourth quarter net earnings were $1.2 billion, also the highest ever reported. Global Markets and Investment Banking pre-tax earnings increased 65% for the year due to revenue growth and expense discipline. Global Private Client pre-tax earnings rose 22% for the year due to diverse revenue sources and operating leverage. Merrill Lynch Investment Managers pre-tax earnings declined 11% for the year but rose in the fourth quarter.
- Merrill Lynch reported second quarter net earnings of $1.1 billion, up 10% from the second quarter of 2003. Earnings per share were $1.06.
- Global Private Client and Merrill Lynch Investment Managers saw increased earnings, while Global Markets and Investment Banking saw lower earnings.
- For the first half of the year, net earnings were $2.3 billion, up 44% from the first half of 2003, driven by revenue growth of 13% and improved profit margins.
Merrill Lynch reported record quarterly earnings for Q1 2004, with net earnings up 95% year-over-year to $1.3 billion. Net revenues grew 27% to $6.1 billion, driven by growth across all three business segments. Global Markets and Investment Banking saw increased revenues from debt and equity trading. Global Private Client achieved record pre-tax earnings on higher asset values and net inflows. Merrill Lynch Investment Managers posted a near tripling of pre-tax earnings due to increased assets under management. The company will continue focusing on disciplined growth, diversification, and maintaining strategic balance across its businesses.
Merrill Lynch reported third quarter net earnings of $920 million, down 8% from the previous year. For the first nine months of the year, net earnings were $3.3 billion, up 24% from the same period last year. While markets were challenging in the quarter, the company's diversification efforts helped deliver solid results. Merrill Lynch continues investing in key growth initiatives across its business segments.
Merrill Lynch reported record results for full year 2004, with net earnings of $4.4 billion, up 16% from 2003. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - contributed to this performance by generating higher revenues and pre-tax earnings compared to 2003. In the fourth quarter of 2004 specifically, net revenues increased 21% to $5.9 billion compared to the same period in 2003. Merrill Lynch's chairman and CEO stated that the company is well positioned for continued shareholder rewards in the future.
Merrill Lynch reported first quarter 2005 net earnings of $1.2 billion, down 3% from the first quarter of 2004. Diluted earnings per share were $1.21. Net revenues increased 3% to $6.2 billion from the first quarter of 2004. Merrill Lynch also announced a new $4 billion share repurchase program and raised its quarterly dividend per share by 25%.
Merrill Lynch reported second quarter 2005 earnings per share of $1.14, up 9% from the second quarter of 2004. This was the highest earnings per share Merrill Lynch has achieved in a second quarter. Net revenues increased 20% compared to the prior year quarter. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw increases in net revenues and pre-tax earnings compared to the second quarter of 2004. Merrill Lynch had record first half earnings per share, pre-tax earnings, and net earnings for the first six months of 2005.
Merrill Lynch reported record quarterly earnings for Q3 2005, with net earnings per share of $1.40, up 51% from the prior year. Net revenues were $6.7 billion, up 38% year-over-year. All three business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - saw revenue and earnings increases. Merrill Lynch's performance was driven by strong growth across its businesses and the benefits of investments made over the past two years.
Merrill Lynch reported record earnings for 2005, with earnings per share of $5.27, up 20% from 2004. Net earnings were $5.2 billion, up 18% from 2004. All three of Merrill Lynch's business segments - Global Markets and Investment Banking, Global Private Client, and Merrill Lynch Investment Managers - generated record pre-tax earnings and higher revenues compared to 2004. Merrill Lynch also announced a 25% increase to its quarterly common stock dividend to $0.25 per share.
Merrill Lynch reported record quarterly net revenues of $8.0 billion for Q1 2006, up 28% from Q1 2005. Net earnings were $475 million, though excluding one-time compensation expenses earnings were $1.7 billion, up 36% from Q1 2005. All three business segments saw increased net revenues both sequentially and year-over-year. Global Markets revenues rose 37% to $4.6 billion due to strong performance across equity, debt, and investment banking. Global Private Client revenues increased 13% to $2.9 billion on higher fees and client assets. Merrill Lynch Investment Managers revenues grew 38% to $570 million on higher assets under management.
This document is a press release from Merrill Lynch announcing record third quarter and year-to-date 2006 earnings. Some key points:
- Third quarter net earnings were $3.0 billion, or $3.17 per diluted share, up significantly from third quarter 2005. Excluding a one-time gain from the BlackRock merger, EPS was $2.00, up 43% from third quarter 2005.
- Year-to-date net earnings and EPS were also records at $5.2 billion and $5.19 respectively, up 38% from the same period in 2005. Excluding one-time items, year-to-date EPS was $5.27, up 40% from 2005
Merrill Lynch reported record financial results for full year 2006, with net revenues of $34.7 billion, net earnings of $7.5 billion ($7.59 per share), and return on equity of 21.3%. The fourth quarter saw net revenues of $8.6 billion, net earnings of $2.3 billion ($2.41 per share), and return on equity of 25.6%. Business segments Global Markets and Investment Banking and Global Wealth Management both had strong growth in revenues and earnings for the full year and fourth quarter. Merrill Lynch was well positioned for continued growth in global markets and wealth management.
Merrill Lynch reported strong financial results for the first quarter of 2007, with net revenues of $9.9 billion, up 24% from the first quarter of 2006. Net earnings were $2.2 billion, up 354% from the prior year period, driven by record revenues in fixed income, currencies and commodities, equity markets, and investment banking. Global wealth management also saw growth, with record fee-based revenues and client assets totaling $1.6 trillion, up 10% from the year before. Looking forward, Merrill Lynch expects continued growth and remains focused on disciplined expansion.
- Merrill Lynch reported a net loss from continuing operations of $8.6 billion for full year 2007, significantly below net earnings of $7.1 billion in 2006. The loss was primarily driven by significant declines in Fixed Income, Currencies & Commodities (FICC) net revenues in the second half of 2007, which more than offset record revenues in other business lines.
- For Q4 2007 specifically, Merrill Lynch reported a net loss from continuing operations of $10.3 billion, down substantially from net earnings of $2.2 billion in Q4 2006. This was mainly due to large write-downs related to mortgage-backed securities and hedges with financial guarantors.
- Several
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
Merrill Lynch reported a net loss of $4.6 billion for Q2 2008 compared to net earnings of $2 billion in Q2 2007. Key drivers of the loss included $3.5 billion in losses from US super senior ABS CDOs and $2.9 billion in credit valuation adjustments from hedges with financial guarantors. Merrill Lynch completed the sale of its stake in Bloomberg for $4.4 billion and announced an expected sale of Financial Data Services for over $3.5 billion to bolster its capital position. Core businesses performed well but revenue declined to negative $2.1 billion from $9.5 billion last year due to losses in fixed income currencies and commodities.
Merrill Lynch reported a net loss of $5.1 billion for Q3 2008 compared to a net loss of $2.4 billion in Q3 2007. Revenues were $16 million in Q3 2008, driven by write-downs of $5.7 billion from the sale of CDOs and termination of related hedges, and a $4.3 billion gain from the sale of a stake in Bloomberg. Expenses included $2.5 billion related to a common stock offering and $425 million for an auction rate securities settlement. Merrill Lynch continued reducing exposures in areas including US subprime and Alt-A mortgages, commercial real estate, and CDOs. Bank of America agreed to acquire
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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United Health Group [PDF Document] Earnings Release
1. NEWS RELEASE
Contacts: John S. Penshorn
Senior Vice President
952-936-7214
Patrick J. Erlandson
Chief Financial Officer
952-936-5901
(For Immediate Release)
UNITEDHEALTH GROUP REPORTS RECORD
SECOND QUARTER GAAP NET EARNINGS OF $0.70 PER SHARE
Revenues for Second Quarter Rose 57% to Nearly $18 Billion
Operating Margin Expanded to 9.1%
Reported Operating Cash Flows were $1.7 Billion;
Adjusted Operating Cash Flows of $1.54 Billion Increased 24%
Earnings Per Share Increased 21%
MINNEAPOLIS (July 19, 2006) – UnitedHealth Group (NYSE: UNH) achieved record results in the second quarter
of 2006, reported Chairman and CEO William W. McGuire, M.D. “Our services now extend to 70 million people,
as we have significantly expanded our share in high-growth health care markets such as senior health care,
consumer-driven health products, and technology and data services, as well as deepened our position in employer
benefit services in key geographic markets,” stated Dr. McGuire. “Our operating momentum now supports earnings
per share growth in the range of 23 percent to 25 percent in 2006, a further advance over our outlook of three
months ago.”
2. Quarterly Financial Performance
Three Months Ended
June 30,
June 30, March 31,
2006 2006 2005
Revenues $17.92 billion $17.59 billion $11.39 billion
Earnings From Operations $1.64 billion $1.49 billion $1.25 billion
Operating Margin 9.1% 8.4% 11.0%
UnitedHealth Group Highlights
UnitedHealth Group first and second quarter 2006 revenues, earnings from operations and operating margins were
significantly affected by the acquisition of PacifiCare Health Systems (PacifiCare) and the commencement of
Medicare Part D. In the UnitedHealth Group and segment highlights, only sequential quarterly comparisons and
commentary are provided for certain metrics, as year-over-year performance comparability is affected by the
business mix changes driven by those two important developments.
Second quarter earnings per share of $0.70 increased 21 percent from $0.58 in the second quarter of
2005, and improved 7 cents or 11 percent from the first quarter of 2006.
Second quarter consolidated net earnings increased to $974 million, up $204 million or 26 percent
year-over-year and $75 million or 8 percent from the first quarter of 2006.
Consolidated revenues of $17.9 billion increased $6.5 billion or 57 percent year-over-year, and
$331 million or 2 percent from the first quarter of 2006.
Consolidated earnings from operations increased to $1.6 billion in the second quarter, up $389 million or
31 percent over the prior year, and up $152 million or 10 percent sequentially.
The Company expanded its reach to nearly 4 million entirely new individuals through the first six months
of 2006, with strong growth achieved across employer health benefits programs, senior and government
services offerings and specialty product lines.
Consolidated second quarter operating margin improved to 9.1 percent from 8.4 percent in the first quarter
of 2006, reflecting diversified growth coupled with effective continuing expense management and
improved underlying business performance in multiple businesses.
3. UnitedHealth Group Highlights – Continued
Second quarter operating costs of $2.6 billion increased by only $6 million from their level in first quarter
2006. Operating costs declined to 14.4 percent of revenues in the second quarter, an improvement of
70 basis points from the second quarter of 2005 and 20 basis points from the first quarter of 2006.
The consolidated medical care ratio (medical costs as a percentage of premium revenues), which includes
all businesses and products, declined 50 basis points on a sequential quarter basis to 82.0 percent. As
expected, on a year-over-year basis the consolidated medical care ratio increased due to the impact of the
acquisition of PacifiCare and the commencement of Medicare Part D.
Consolidated medical costs payable, excluding the AARP division of Ovations, increased to $7.2 billion at
June 30, 2006. Medical costs days payable, which includes all recent acquisitions and the Part D business,
remained at 53 days for the quarter, comparable to its level of 53 days payable at March 31, 2006.
During the second quarter, the Company realized favorable development of $150 million in its previous
estimates of medical costs incurred, virtually all of which pertained to prior years.
Accounts receivable, excluding the AARP division of Ovations, were $929 million at June 30, 2006, and
represented 5 days sales outstanding.
Reported cash flows from operations were $1.7 billion for the second quarter, bringing year-to-date
operating cash flows to $4.6 billion. Adjusted to align CMS payment timing to the proper periods, second
quarter cash flows from operations were $1.54 billion, up 24 percent year-over-year, and adjusted year-to-
date cash flows were $3.1 billion.
The Company repurchased 10 million shares during the second quarter of 2006, bringing the year-to-date
total share repurchase to 40 million shares, or 3 percent of the shares outstanding at December 31, 2005.
Second quarter 2006 annualized return on equity was 22 percent, up from 20 percent in first quarter 2006.
The Company supplemented its GAAP results by reporting Part D normalized results for the second quarter
of 2006 as follows: earnings per share of $0.73, revenues of $17.841 billion, medical costs of
$13.392 billion, a consolidated medical care ratio of 81.5 percent, an operating cost ratio of 14.4 percent,
earnings from operations of $1.705 billion, and net earnings of $1.017 billion. Because Part D benefit costs
for the new Medicare Part D program are disproportionately higher in the first half of the contract year due
to the benefit design, Part D normalized results assume that full-year Medicare Part D benefit costs are
recognized based on actuarially projected utilization over the contract year. These amounts represent non-
GAAP financial measures and have been presented to facilitate comparability with 2005 quarterly financial
results. A further explanation of this basis of presentation and a reconciliation of such amounts to the
comparable GAAP measures is included in the attached financial schedules.
4. Closing Comment
“We have a positive outlook for further earnings growth this year. Our businesses are in an excellent position to
sustain growth and performance, driven by the overall value that their services, technologies and products offer to
customers in the end-markets they serve,” concluded Dr. McGuire. “Our quarterly results should benefit
substantively in the second half of 2006 from the natural seasonality embedded in a number of our businesses,
including Medicare Part D. We therefore expect to see accelerating earnings per share growth in the second half of
this year. At the same time, we continue to build a foundation for future growth in 2007 and beyond, and expect
baseline earnings per share to climb another 15 percent in 2007 above our increased 2006 outlook of $2.91 to
$2.95 per share.”
5. Business Description – Health Care Services
The Health Care Services segment consists of the UnitedHealthcare, AmeriChoice and Ovations business units.
UnitedHealthcare coordinates network-based health and well-being services on behalf of multistate mid-sized and
local employers and for consumers. AmeriChoice facilitates and manages health care services for state-sponsored
Medicaid programs and their beneficiaries. Ovations delivers health and well-being services to Americans over the
age of 50.
Quarterly Financial Performance
Three Months Ended
June 30,
June 30, March 31,
2006 2006 2005
Revenues $16.04 billion $15.74 billion $9.81 billion
Earnings From Operations $1,202 million $1,055 million $911 million
Operating Margin 7.5% 6.7% 9.3%
Key Developments for Health Care Services
Health Care Services revenues, earnings from operations and operating margins were significantly affected on a
year-over-year basis by the acquisition of PacifiCare and the commencement of Medicare Part D.
Revenues for Health Care Services grew $6.2 billion or 63 percent year-over-year and $302 million or
2 percent sequentially to $16.0 billion in the second quarter of 2006.
Second quarter Health Care Services earnings from operations of $1.2 billion increased $291 million or
32 percent year-over-year and $147 million or 14 percent sequentially.
The second quarter operating margin of 7.5 percent expanded 80 basis points sequentially due to an overall
improvement in segment profitability and a significant reduction in the quarterly loss incurred on a GAAP
basis in the Medicare Part D business.
6. Key Developments for Health Care Services – Continued
UnitedHealthcare second quarter revenues of $8.8 billion increased $2.1 billion or 31 percent year-over-year
and $111 million or 1 percent sequentially.
The number of consumers served by UnitedHealthcare at June 30, 2006 was in line with the first quarter, with a
gain in fee-based subscribers of 20,000 people offset by a net 45,000-person reduction in risk-based members,
including the divestiture of business in Arizona pursuant to the conditions of the PacifiCare merger. This
brought the UnitedHealthcare year-to-date net sales gain to 225,000 people. Combining UnitedHealthcare with
Uniprise, UnitedHealth Group achieved strong enterprise-wide organic growth of 715,000 consumers in
employer-sponsored health benefits through the first six months of 2006.
The second quarter 2006 medical care ratio for UnitedHealthcare was 79.9 percent, which was essentially stable
with a ratio of 79.7 percent in the first quarter of 2006 for UnitedHealthcare. Excluding acquired commercial
businesses, UnitedHealthcare had a medical care ratio of 78.9 percent in the second quarter of 2006, which was
consistent with the first quarter 2006 ratio of 78.9 percent and up 30 basis points year-over-year from
78.6 percent in the second quarter of 2005. The 30 basis point increase reflected the fact that second quarter
2005 results for UnitedHealthcare included a comparatively higher level of favorable prior period development.
Ovations reported revenues of $6.4 billion in the second quarter, up $4.1 billion or 180 percent year-over-year
and $168 million or 3 percent from the first quarter of 2006. Ovations revenues grew 95 percent year-over-year
on an organic basis, including the launch of Part D and growth in the PacifiCare senior businesses subsequent
to closing.
Ovations saw a strong increase in senior participation in medical products through the first six months of
2006, with gains in Medicare supplement product membership of 30,000 people in the second quarter and
85,000 people year-to-date. Similarly, Secure Horizons programs added 100,000 more seniors in the second
quarter, bringing total year-to-date organic growth to 215,000 people in this set of offerings.
The Ovations Part D business served a total of 5.7 million seniors as of June 30, 2006, and generated revenue of
$1.5 billion and a reduced loss from operations in the second quarter as compared to first quarter 2006. The
Part D business is well on track to provide positive contributions to earnings on a GAAP basis in the third and
fourth quarters and meet its 2006 full-year operating margin target of 3 percent to 4 percent.
AmeriChoice second quarter revenues of $913 million increased $69 million or 8 percent year-over-year
and $23 million or 3 percent from the first quarter of 2006.
AmeriChoice membership increased by a total of 110,000 people through the first six months of 2006, including
growth of 15,000 individuals in the second quarter.
7. Business Description
Uniprise delivers network-based health and well-being services, business-to-business transaction processing
services, consumer connectivity, and technology support services to large employers and health plans, and provides
health-related consumer and financial transaction products and services.
Quarterly Financial Performance
Three Months Ended
June 30, March 31, June 30,
2006 2006 2005
Revenues $1.39 billion $1.37 billion $1.24 billion
Earnings From Operations $218 million $215 million $185 million
Operating Margin 15.7% 15.7% 14.9%
Key Developments
Second quarter revenues of $1.4 billion increased $153 million or 12 percent year-over-year and $22 million
or 2 percent over the first quarter of 2006.
Uniprise increased the number of people it serves in the national multilocation employer segment by 90,000 in
the second quarter, bringing year-to-date organic growth to 490,000 new consumers. Uniprise and
UnitedHealthcare together have grown their employer-sponsored health benefits businesses by 715,000 people
through the first six months of 2006.
Participation in consumer-driven health plan products grew by 175,000 people in the second quarter and
reached 1.8 million people across UnitedHealth Group businesses as of June 30, 2006, reflecting growing
market response to new approaches that provide clinical and financial transparency along with individual
consumer control.
Uniprise earnings from operations of $218 million grew $33 million or 18 percent year-over-year and
$3 million or 1 percent over the first quarter of 2006. The Uniprise operating margin of 15.7 percent expanded
80 basis points year-over-year, reflecting ongoing advances in quality process improvements.
8. Business Description
Specialized Care Services offers a comprehensive array of specialized benefits, networks, services and resources to
help consumers improve their health and well-being.
Quarterly Financial Performance
Three Months Ended
June 30, March 31, June 30,
2006 2006 2005
Revenues $990 million $980 million $678 million
Earnings From Operations $186 million $182 million $130 million
Operating Margin 18.8% 18.6% 19.2%
Key Developments
Second quarter revenues rose to $990 million, up $312 million or 46 percent year-over-year and $10 million
or 1 percent from the first quarter of 2006.
Specialized Care Services signed new contracts in the second quarter totaling more than $100 million in
projected new annual revenue with payers and other entities that represent 2.2 million people. Effective dates
of service commence from July 1, 2006 through early 2007.
In the second quarter, earnings from operations of $186 million increased $56 million or 43 percent year-over-
year and $4 million or 2 percent sequentially.
The Specialized Care Services second quarter operating margin of 18.8 percent remained generally consistent
with prior periods, increasing 20 basis points sequentially and decreasing 40 basis points year-over-year. The
slight year-over-year margin decrease reflected strong growth in comparatively lower margin service lines,
offset by continued gains in quality initiatives and operating efficiencies.
9. Business Description
Ingenix is a leader in the field of health care data, analysis and application, serving pharmaceutical companies,
health insurers and other payers, physicians and other health care providers, large employers and governments.
Quarterly Financial Performance
Three Months Ended
June 30, March 31, June 30,
2006 2006 2005
Revenues $211 million $200 million $175 million
Earnings From Operations $32 million $34 million $23 million
Operating Margin 15.2% 17.0% 13.1%
Key Developments
Ingenix revenues increased $36 million, or 21 percent year-over-year, to $211 million in the second quarter
of 2006, reflecting strong growth across the full scope of Ingenix product lines.
The Ingenix contract revenue backlog across its diverse product lines reached more than $1.05 billion at
June 30, 2006. This compares to backlog levels of $822 million for the comparable prior-year period and
$850 million as of year-end 2005, highlighting growing revenue momentum.
New sales activity in the second quarter included significant new orders in pharmaceutical safety and
research services, decision-support tools, fraud and recovery services, and technologies to collect, analyze
and manage medical cost data.
Ingenix second quarter earnings from operations increased $9 million or 39 percent year-over-year and
decreased $2 million or 6 percent sequentially. The second quarter operating margin of 15.2 percent
declined 180 basis points from first quarter 2006 and increased 210 basis points year-over-year. The
sequential reduction in operating margin in the second quarter was due to increased new product
development and marketing activities, as well as the typical seasonal slowdown in shipments of coding and
referential products to the physician and provider market segment.
Ingenix anticipates sequential gains in revenues, earnings from operations and operating margin in the
second half of 2006 as compared to the first six months, as product revenues are expected to again increase
seasonally in the second half of the year.
10. About UnitedHealth Group
UnitedHealth Group (www.unitedhealthgroup.com) is a diversified health and well-being company dedicated to
making health care work better. Headquartered in Minneapolis, Minn., UnitedHealth Group offers a broad spectrum
of products and services through six operating businesses: UnitedHealthcare, Ovations, AmeriChoice, Uniprise,
Specialized Care Services and Ingenix. Through its family of businesses, UnitedHealth Group serves more than
70 million individuals nationwide.
Forward-Looking Statements
This news release may contain statements, estimates or projections that constitute “forward-looking” statements as
defined under U.S. federal securities laws. Generally the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not
historical in nature. These statements may contain information about financial prospects, economic conditions,
trends and unknown certainties. We caution that actual results could differ materially from those that management
expects, depending on the outcome of certain factors. These forward-looking statements involve risks and
uncertainties that may cause our actual results to differ materially from the results discussed in the forward-looking
statements. Some factors that could cause results to differ materially from the forward-looking statements include:
increases in health care costs that are higher than we anticipated in establishing our premium rates, including
increased consumption of or costs of medical services; heightened competition as a result of new entrants into our
market, and consolidation of health care companies and suppliers; events that may negatively affect our contract
with AARP; uncertainties regarding changes in Medicare, including coordination of information systems and
accuracy of certain assumptions; funding risks with respect to revenue received from Medicare and Medicaid
programs; increases in costs and other liabilities associated with increased litigation, legislative activity and
government regulation and review of our industry; potential consequences surrounding findings of our ongoing
internal investigation, investigation by a committee of our independent directors and informal SEC inquiry into our
stock option granting practices, as well as a subpoena from the office of the U.S. Attorney for the Southern District
of New York requesting documents relating to stock option grants since 1999 and a request from the Internal
Revenue Service for documents relating to the compensation of certain executive officers; uncertainty of results of
pending civil litigation relating to our stock option granting practices; our ability to execute contracts on competitive
terms with physicians, hospitals and other service providers; regulatory and other risks associated with the pharmacy
benefits management industry; failure to maintain effective and efficient information systems, which could result in
the loss of existing customers, difficulties in attracting new customers, difficulties in determining medical costs
estimates and appropriate pricing, customer and physician and health care provider disputes, regulatory violations,
increases in operating costs, or other adverse consequences; possible impairment of the value of our intangible assets
if future results do not adequately support goodwill and intangible assets recorded for businesses that we acquire;
potential noncompliance by our business associates with patient privacy data; misappropriation of our proprietary
technology; and anticipated benefits of acquiring PacifiCare that may not be realized. This list of important factors
is not intended to be exhaustive. A further list and description of some of these risks and uncertainties can be found
in our reports filed with the Securities and Exchange Commission from time to time, including our annual reports on
11. Form 10-K and quarterly reports on Form 10-Q. Any or all forward-looking statements we make may turn out to be
wrong. You should not place undue reliance on forward-looking statements, which speak only as of the date they
are made. Except to the extent otherwise required by federal securities laws, we do not undertake to publicly update
or revise any forward-looking statements.
Earnings Conference Call
As previously announced, UnitedHealth Group will discuss the Company’s results, strategy and future outlook on a
conference call with investors at 8:45 a.m. Eastern time today. UnitedHealth Group will host a live webcast of this
conference call from the Investor Information page of the Company’s Web site (www.unitedhealthgroup.com). The
webcast replay of the call will be available on the same site for one week following the live call. The conference
call replay can also be accessed by dialing 1-800-642-1687, conference ID #1716933. This earnings release and the
Form 8-K dated July 19, 2006, which may also be accessed in the Investor Information section of the Company’s
Web site at http://www.unitedhealthgroup.com/invest/finsec.htm, include a reconciliation of non-GAAP financial
measures.
###
12. UNITEDHEALTH GROUP
Earnings Release Schedules and Supplementary Information
Quarter Ended June 30, 2006
- Consolidated Statements of Operations
- Condensed Consolidated Balance Sheets
- Condensed Consolidated Statements of Cash Flows
- Segment Financial Information
- Customer Profile Summary
- Non-GAAP Financial Measures and Supplementary Information
13. UNITEDHEALTH GROUP
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2006 2005 (a)(b) 2006 2005 (a)(b)
REVENUES
$ 16,509 $ 10,339 $ 32,716 $ 20,487
Premiums
1,213 920 2,420 1,822
Services
195 129 367 243
Investment and Other Income
17,917 11,388 35,503 22,552
Total Revenues
COSTS
13,535 8,314 26,908 16,469
Medical Costs
2,576 1,717 5,146 3,417
Operating Costs
168 108 325 217
Depreciation and Amortization
16,279 10,139 32,379 20,103
Total Costs
EARNINGS FROM OPERATIONS 1,638 1,249 3,124 2,449
(116) (55) (198) (104)
Interest Expense
EARNINGS BEFORE INCOME TAXES 1,522 1,194 2,926 2,345
(548) (424) (1,053) (832)
Provision for Income Taxes
NET EARNINGS $ 974 $ 770 $ 1,873 $ 1,513
BASIC NET EARNINGS PER COMMON SHARE $ 0.73 $ 0.61 $ 1.39 $ 1.19
DILUTED NET EARNINGS PER COMMON SHARE $ 0.70 $ 0.58 $ 1.33 $ 1.14
Diluted Weighted-Average Common Shares Outstanding 1,396 1,321 1,409 1,331
(a) Restated to include the impact of FAS 123R, which we adopted effective January 1, 2006.
(b) Starting in 2006, we have reclassified or quot;grossed upquot; premium revenue and expenses for a Uniprise account. We have conformed all reporting periods to this practice to make all periods comparable.
This change had no impact to reported earnings.
2
14. UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(unaudited)
June 30, December 31,
2006 2005 (a)
ASSETS
Cash and Short-Term Investments $ 10,049 $ 6,011
Accounts Receivable, net 1,350 1,200
Other Current Assets 4,094 3,339
Total Current Assets 15,493 10,550
Long-Term Investments 8,937 8,971
Other Long-Term Assets 22,217 21,763
Total Assets $ 46,647 $ 41,284
LIABILITIES AND SHAREHOLDERS' EQUITY
Medical Costs Payable $ 8,241 $ 7,301
Commercial Paper and Current Maturities
of Long-Term Debt 939 3,261
Other Current Liabilities 9,996 5,992
Total Current Liabilities 19,176 16,554
Long-Term Debt, less current maturities 6,450 3,850
Future Policy Benefits for Life and Annuity Contracts 1,799 1,761
Deferred Income Taxes and Other Liabilities 1,066 1,174
Shareholders' Equity 18,156 17,945
Total Liabilities and Shareholders' Equity $ 46,647 $ 41,284
The table below summarizes certain non-GAAP balance sheet data excluding AARP related amounts:
June 30, 2006 December 31, 2005
Accounts Receivable, net $ 929 $ 786
Other Current Assets $ 2,317 $ 1,547
Other Current Liabilities $ 8,848 $ 4,787
Medical Costs Payable $ 7,191 $ 6,300
Days Medical Costs in Medical Costs Payable (b) 53 61
(a) Restated to include the impact of FAS 123R, which we adopted effective January 1, 2006.
(b) Days Medical Costs in Medical Costs Payable was 53 days as of March 31, 2006. Days Medical Costs in Medical Costs Payable as of
December 31, 2005 of 61 days excludes the impact of PacifiCare Health Systems, Inc. (PacifiCare), which was acquired in December 2005.
3
15. UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Six Months Ended June 30,
2006 2005 (a)
Operating Activities
Net Earnings $ 1,873 $ 1,513
Noncash Items:
Depreciation and amortization 325 217
Deferred income taxes and other (308) (99)
Stock-based compensation 174 117
Net changes in operating assets and liabilities 2,542 629
Cash Flows From Operating Activities (b) 4,606 2,377
Investing Activities
Cash paid for acquisitions, net of cash assumed (647) (115)
Purchases of property, equipment and
capitalized software, net (329) (222)
Net sales and maturities/(purchases) of investments (147) (471)
Cash Flows Used For Investing Activities (1,123) (808)
Financing Activities
Common stock repurchases (2,344) (2,138)
Net change in commercial paper and debt 583 227
Stock-based compensation excess tax benefit 195 120
Customer funds administered 1,977 78
Other, net 150 195
Cash Flows From (Used For) Financing Activities 561 (1,518)
Increase in cash and cash equivalents 4,044 51
Cash and cash equivalents, beginning of period 5,421 3,991
Cash and cash equivalents, end of period $ 9,465 $ 4,042
(a) Restated to include the impact of FAS 123R, which we adopted effective January 1, 2006.
(b) See Cash Flows From Operating Activities as adjusted for the timing of CMS premium payments on page 8 of these
financial schedules.
4
16. UNITEDHEALTH GROUP
SEGMENT FINANCIAL INFORMATION
(in millions)
(unaudited)
REVNUES
E
Three Months Ended June 30, Six Months Ended June 30,
2006 2005 2006 2005
UnitedHealthcare $ 8,758 $ 6,694 $ 17,405 $ 13,300
Ovations 6,367 2,274 12,566 4,469
AmeriChoice 913 844 1,803 1,671
Health Care Services 16,038 9,812 31,774 19,440
Uniprise 1,392 1,239 (b) 2,762 2,457 (b)
Specialized Care Services 990 678 1,970 1,325
Ingenix 211 175 411 341
Eliminations (714) (516) (1,414) (1,011)
Total Consolidated $ 17,917 $ 11,388 $ 35,503 $ 22,552
EARNINGS FROM OPERATIONS
Three Months Ended June 30, Six Months Ended June 30,
2006 2005 (a) 2006 2005 (a)
Health Care Services $ 1,202 $ 911 $ 2,257 $ 1,792
Uniprise 218 185 433 362
Specialized Care Services 186 130 368 254
Ingenix 32 23 66 41
Total Consolidated $ 1,638 $ 1,249 $ 3,124 $ 2,449
(a) Restated to include the impact of FAS 123R, which we adopted effective January 1, 2006.
(b) Reflects a reclassification to conform to the 2006 presentation as described on page 2 of these financial schedules.
5
17. UNITEDHEALTH GROUP
CUSTOMER PROFILE SUMMARY
(in thousands)
(unaudited)
June March December June December
2006 (a) 2006 2005 2005 2004
Customer Profile
Commercial Businesses
Risk-based 14,590 14,610 14,655 11,530 10,820
Fee-based 18,415 18,340 17,285 16,665 15,525
Federal, State, and Municipal Governments (b) 13,895 12,660 8,870 7,075 7,035
Individual Consumers (c) 1,180 1,420 1,685 1,540 1,455
Institutional (d) 21,950 22,415 23,630 19,715 19,005
Grand Total 70,030 69,445 66,125 56,525 53,840
Total Medicare Part D (included above) 5,670 4,500
Consumer-Directed Health Plans (included above) 1,800 1,625 1,175 1,005 560
June March December June December
Supplemental Segment Profile - Health Care Services and Uniprise
2006 (a) 2006 2005 2005 2004
Health Care Services:
Risk-based commercial 9,910 9,955 10,105 7,700 7,655
Fee-based commercial 4,620 4,600 3,990 3,455 3,305
Medicare Advantage 1,395 1,295 1,150 355 330
Medicaid 1,360 1,345 1,250 1,265 1,260
Total Health Care Services 17,285 17,195 16,495 12,775 12,550
Uniprise 11,035 10,945 10,495 10,540 9,875
(a) Excludes 35,000 risk-based commercial and 20,000 fee-based commercial individuals served in connection with an acquisition which closed on June 30, 2006.
(b) Increase primarily due to individuals served in connection with the new Medicare Part D program beginning January 1, 2006.
(c) Decrease primarily due to individuals who historically had non-governmental drug cards switching to the Medicare Part D program.
(d) Decrease primarily due to individuals who historically had only AARP Medicare supplement products, but added drug coverage under the Medicare Part D program.
6
18. UNITEDHEALTH GROUP
Reconciliation of Non-GAAP Measures
(in millions, except per share data)
(unaudited)
Three Months Ended June 30, 2006 Six Months Ended June 30, 2006
Non-GAAP Consolidated Non-GAAP Consolidated
Consolidated Reconciling quot;Part D Consolidated Reconciling quot;Part D
GAAP Reporting Items Normalizedquot; GAAP Reporting Items Normalizedquot;
REVENUES
$ 16,509 $ (76) (a) $ 16,433 $ 32,716 $ (423) (a) $ 32,293
Premiums
1,213 - 1,213 2,420 - 2,420
Services
195 - 195 367 - 367
Investment and Other Income
17,917 (76) 17,841 35,503 (423) 35,080
Total Revenues
COSTS
13,535 (143) (b) 13,392 26,908 (597) (b) 26,311
Medical Costs
2,576 - 2,576 5,146 - 5,146
Operating Costs
168 - 168 325 - 325
Depreciation and Amortization
16,279 (143) 16,136 32,379 (597) 31,782
Total Costs
EARNINGS FROM OPERATIONS 1,638 67 1,705 3,124 174 3,298
(116) - (116) (198) - (198)
Interest Expense
EARNINGS BEFORE INCOME TAXES 1,522 67 1,589 2,926 174 3,100
(548) (24) (572) (1,053) (63) (1,116)
Provision for Income Taxes
NET EARNINGS $ 974 $ 43 $ 1,017 $ 1,873 $ 111 $ 1,984
BASIC NET EARNINGS PER COMMON SHARE $ 0.73 $ 0.03 $ 0.76 $ 1.39 $ 0.08 $ 1.47
DILUTED NET EARNINGS PER COMMON SHARE $ 0.70 $ 0.03 $ 0.73 $ 1.33 $ 0.08 $ 1.41
Diluted Weighted-Average Common Shares Outstanding 1,396 1,396 1,396 1,409 1,409 1,409
Medical Care Ratio 82.0% 81.5% 82.2% 81.5%
Operating Cost Ratio 14.4% 14.4% 14.5% 14.7%
Operating Margin 9.1% 9.6% 8.8% 9.4%
Return on Equity 21.8% 22.6% 20.9% 22.1%
Note: The Company began providing Medicare Part D prescription drug insurance coverage on January 1, 2006. As a result of the Medicare Part D benefit design, the Company incurs benefit
costs unevenly during the contract year with a disproportionate amount of claims incurred in the first half of the annual contract year. On a full year basis, management estimates that
Medicare Part D will generate a 3% to 4% operating margin, however, as a result of the benefit design, Medicare Part D revenues of approximately $3.1 billion generated a negative operating
margin of approximately 4% during the first half of 2006.
The quot;Part D Normalizedquot; results have been presented to enhance comparability with 2005 quarterly results. The quot;Part D Normalizedquot; results assume that full year Medicare Part D benefit
costs are recognized based on actuarially projected utilization over the contract year. Accordingly, quot;Part D Normalizedquot; results for the first half of 2006 include a pro rata share of
management's estimate of full year 2006 Medicare Part D benefit costs relating to beneficiaries as of June 30, 2006. quot;Part D Normalizedquot; results are not meant to be considered in isolation
or as a substitute for net earnings or diluted net earnings per share prepared in accordance with GAAP.
(a) Represents estimated CMS Medicare Part D risk-share premium adjustment that is recorded under GAAP as results fall within the provisions of the risk-sharing arrangement. This
adjustment is not necessary under quot;Part D Normalizedquot; as medical costs reflect a pro-rata share of estimated annual medical costs.
(b) Represents actual medical costs incurred under the Medicare Part D contract in excess of a pro-rata share of estimated annual medical costs.
7
19. UNITEDHEALTH GROUP
Reconciliation of Non-GAAP Measures
Adjusted Cash Flows (a)
(in millions)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2006 2005 2006 2005
$ 1,718 $ 1,242 $ 4,606 $ 2,377
GAAP Cash Flows From Operating Activities
(1,511) - (1,511) -
July 2006 CMS Premium Payment Received in June 2006
1,336 - - -
April 2006 CMS Premium Payment Received in March 2006
- - - 275
January 2005 CMS Premium Payment Received in December 2004
Adjusted Cash Flows From Operating Activities $ 1,543 $ 1,242 $ 3,095 $ 2,652
(a) Adjusted Cash Flows From Operating Activities is presented to facilitate the comparison of cash flows from operating activities for periods in which the
Company does not receive its monthly premium payments from the Centers for Medicare and Medicaid Services (CMS) in the applicable quarter. CMS
generally pays their monthly premium on the first calendar day of the applicable month. If the first calendar day of the month falls on a weekend or a holid
CMS has typically paid the Company on the last business day of the preceding calendar month. As such, GAAP operating cash flows may vary depending
upon which payments are received by the Company from CMS during a particular period. Adjusted Cash Flows From Operating Activities presents
operating cash flows assuming that each monthly CMS premium payment was received on the first calendar day of the applicable month.
8
20. UNITEDHEALTH GROUP
Supplementary Information - Reinsurance Reclassification
(in millions)
(unaudited)
Three Months Ended June 30, 2006 Six Months Ended June 30, 2006
Historical Historical
Reporting (a) Reclassification As Adjusted Reporting (a) Reclassification As Adjusted
UnitedHealth Group Consolidated
Revenues $ 17,609 $ 308 $ 17,917 $ 34,890 $ 613 $ 35,503
Medical Costs $ 13,255 $ 280 $ 13,535 $ 26,347 $ 561 $ 26,908
Operating Costs $ 2,548 $ 28 $ 2,576 $ 5,094 $ 52 $ 5,146
Medical Care Ratio 81.8% 82.0% 82.1% 82.2%
Operating Cost Ratio 14.5% 14.4% 14.6% 14.5%
Uniprise
Revenues $ 1,084 $ 308 $ 1,392 $ 2,149 $ 613 $ 2,762
Operating Margin 20.1% 15.7% 20.1% 15.7%
Three Months Ended June 30, 2005 Six Months Ended June 30, 2005
Historical Historical
Reporting (a) Reclassification As Adjusted Reporting (a) Reclassification As Adjusted
UnitedHealth Group Consolidated
Revenues $ 11,111 $ 277 $ 11,388 $ 21,998 $ 554 $ 22,552
Medical Costs $ 8,061 $ 253 $ 8,314 $ 15,963 $ 506 $ 16,469
Operating Costs $ 1,693 $ 24 $ 1,717 $ 3,369 $ 48 $ 3,417
Medical Care Ratio 80.1% 80.4% 80.1% 80.4%
Operating Cost Ratio 15.2% 15.1% 15.3% 15.2%
Uniprise
Revenues $ 962 $ 277 $ 1,239 $ 1,903 $ 554 $ 2,457
Operating Margin 19.2% 14.9% 19.0% 14.7%
(a) Reflects the impact of FAS 123R, which we adopted effective January 1, 2006.
Note: Starting in 2006, we have reclassified or quot;grossed upquot; premium revenue and expenses for a Uniprise account where we have employed third party reinsurance. While this reinsurance contra
has been in place for a number of years, recent accounting interpretations suggest this reinsurance arrangement be presented on a gross versus net basis. We have conformed all reporting
periods to this practice to make all periods comparable. This change had no impact to reported earnings.
9