UnitedHealth Group 1Q earnings up 7 percent

UnitedHealth Group, parent company of Greensboro-based UnitedHealthcare of the Carolinas, reported 2008 first-quarter profits were up 7 percent from the same period last year.

UnitedHealth Group reported earnings of $994 million, up from $927 million last year.

Analysts had expected profits of 80 cents per share, compared to the 78 cents per share reported by the company.

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Revenue also rose 7 percent to $20.3 billion, up from $19.05 billion last year.

The company did lower its 2008 outlook by 10 percent, or 40 cents per share, citing high costs related to flu season and projecting lower membership by corporate customers.