Despite the massive disruptions, the healthcare conglomerate beat estimates for first-quarter earnings as medical costs dropped from higher rates hit late last year, sending its shares up 5.3%. Through Monday’s close, United shares had fallen nearly 15% since it disclosed the ransomware attack on Feb. 21. UnitedHealth’s upbeat results drove up the Dow Jones Industrial Average on Tuesday.
The company believes Change will return to its baseline performance next year. Connor said he is confident Change can bring back customers who had to go to rivals because of the outage. The company said it had already booked $872 million in costs related to the data breach in the quarter, most of it as one-time items. Still, UnitedHealth backed its 2024 adjusted profit forecast of $27.50 to $28 per share. Disruptions from the hack are expected to impact profit by $1.15 to $1.
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