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UnitedHealth tops forecast
July 27, 2001: 6:41 a.m. ET

Insurer posts record 2Q results and sees '01, '02 growth in line with forecasts
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NEW YORK (CNNfn) - Insurer UnitedHealth Group posted record second-quarter earnings and revenue Friday, surpassing estimates, and said that growth through next year should be in line with forecasts.

Net income for the Minneapolis-based company rose to $223 million, or 68 cents a diluted share, from $170 million, or 50 cents a share, in the year-earlier quarter. Analysts surveyed by the research firm First Call were looking for earnings per share of 66 cents.

Revenue rose 11.4 percent to $5.8 billion, as premium revenue rose 10 percent to $5.1 billion.

The company said it anticipates full-year earnings will rise about 30 percent over last year's results, while 2002 earnings will gain an additional 15 percent. That's generally in line with First Call's forecast, which sees 2001 EPS of $2.68, up from $2.10 in 2000, and an estimated 2002 EPS of $3.10.

Shares of UnitedHealth (UNH: Research, Estimates) gained 55 cents to $65.01 in trading Thursday. graphic