S&P 500 (NYSE:SPY) component Assurant Inc. (NYSE:AIZ) reported net income above Wall Street’s expectations for the second quarter. Assurant provides specialized insurance products and related services in North America and some international markets.
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Assurant Inc. Earnings Cheat Sheet
Results: Net income for Assurant Inc. rose to $169.2 million ($1.94 per share) vs. $165.9 million ($1.68 per share) in the same quarter a year earlier. This marks a rise of 2% from the year-earlier quarter.
Revenue: Rose 3.2% to $2.13 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Assurant Inc. beat the mean analyst estimate of $1.41 per share. It beat the average revenue estimate of $2.08 billion.
Quoting Management: “Assurant’s disciplined actions are generating solid results as we focus on areas targeted for profitable growth,” said Robert B. Pollock, president and CEO of Assurant. “We are meeting the challenges of today’s marketplace as we provide outstanding service for consumers and clients alike while creating long-term value for our shareholders.”
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 33 cents in the first quarter, by 28 cents in the fourth quarter of the last fiscal year, and by 2 cents in the third quarter of the last fiscal year.
Revenue has now increased for three quarters in a row. In the first quarter, revenue rose 1.8% to $2.07 billion while the figure rose 0.3% in the fourth quarter of the last fiscal year from the year earlier.
Looking Forward: Over the last 30 days, analysts have not been optimistic about the company’s next-quarter performance. The average estimate for the third quarter is now $1.23 per share, down from $1.25. The average estimate for the fiscal year is $5.93 per share, a rise from $5.59 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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