Humana cuts FY2023 EPS to $20.00 GAAP/$26.09 adj; MA growth 100k vs prior guidance

HUMANA INC

2023-FY EPS reported $20.00 revenue$106,374,000,000

FY2023 GAAP EPS ~$20.00, adjusted ~$26.09; Q4 adj benefit ratio 91.4% (prior 89.5%).
Full-year adj benefit ratio 88.0% vs 87.5% guidance; driven by higher inpatient and outpatient utilization in Nov/Dec.
2024 MA membership growth now expected ~100k (1.8%), below prior call for 'at or slightly above industry average'.
AEP sales volume in line but lower new member sales; higher D-SNP attrition from ongoing Medicaid redetermination.
Company warns 2024 outlook material impact if trends continue; Q4 earnings call moved to Jan 25, 2024.

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