by Heather Mayer
, DOTmed News Reporter | October 19, 2010
Health insurance giant UnitedHealth Group reported Tuesday nearly $24 billion in revenue for its third quarter ending Sept. 30. This quarter's revenue increased $2 billion or 9 percent compared to last year's third quarter.
"Fundamental execution, increasing business diversity and ongoing product and service innovation continue to be key elements anchoring the company's sustained growth," said Stephen Hemsley, president and CEO of the company. According to a recent Modern Healthcare report, Hemsley took home more than $106 million in compensation and exercised stock options last year.
UnitedHealth Group's financial outlook predicts that 2010 revenues could be close to $94 billion, with net earnings in the range of $3.85 to $3.95 per share and cash flows from operations of more than $5 billion.
Four of the company's business units, including UnitedHealthcare Medicare & Retirement, UnitedHealthcare Community & State, Ingenix and Prescription Solutions, increased their revenues by more than 10 percent year over year in the quarter.
As of Tuesday morning trading, the company's stock fell 2.2 percent to reach $35.45 per share.