Humana’s purchase of home care firm Kindred at Home is already paying off for the major insurer and provider.
While announcing second quarter earnings today, the Louisville, KY-based health and well-being company said Kindred at Home would bring a $1 billion gain in the current quarter. Last month, Humana closed on the acquisition of Kindred at Home from private equity group TPG Capital, bringing its total investment in Kindred to $8.1 billion.
Kindred at Home operates in 40 states with 43,000 caregivers serving more than 500,000 patients.
On Wednesday, Humana reported second quarter adjusted profits of $1.13 billion on $20 billion in revenues for the quarter. Earnings per share fell to $6.89 for the quarter, nearly half of the $12.56 earned during the same period last year. Humana explained that its 2020 second quarter profits got a boost because patients deferred physician visits and elective surgeries due to the pandemic.
“This year, we continue to focus on delivering strong operating performance, while navigating a dynamic environment due to the ongoing COVID-19 pandemic, all while staying true to our commitment to delivering the highest quality healthcare experience for our members and patients,” Humana President and CEO Bruce Broussard said in a statement.
The company is maintaining per share earnings guidance of $21.25 to $21.75 for the full year of 2021.
