Genworth Financial Earnings Cheat Sheet: Sees Improving Credit Trends
S&P 500 (NYSE:SPY) component Genworth Financial, Inc. (NYSE:GNW) reported its results for the first quarter. Genworth Financial Inc. provides wealth management, insurance, investment and financial solutions to customers.
Genworth Financial Earnings Cheat Sheet for the First Quarter
Results: Net income for the life insurance company fell to $82 million (17 cents/share) vs. $178 million (36 cents/share) a year earlier. A decline of 53.9% from the year earlier quarter.
Revenue: Revenue was $2.57 billion last quarter.
Actual vs. Wall St. Expectations: GNW fell short of the mean analyst estimate of 21 cents/share. Estimates ranged from 9 cents per share to 27 cents per share.
Quoting Management: “In the first quarter, we continued to deliver strong international performance, demonstrated sales and earnings progress in Retirement and Protection, and are seeing improving credit trends in U.S. Mortgage Insurance,” said Michael D. Fraizer, chairman and chief executive officer.
Competitors to Watch: CNO Financial Group, Inc. (NYSE:CNO), American National Insurance Co. (NASDAQ:ANAT), AEGON N.V. (NYSE:AEG), MetLife, Inc. (NYSE:MET), Atlantic American Corp. (NASDAQ:AAME), Torchmark Corporation (NYSE:TMK), StanCorp Financial Group, Inc. (NYSE:SFG), American International Group (NYSE:AIG), UBS (NYSE:UBS), JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), Prudential Financial, Inc. (NYSE:PRU), and Lincoln National Corp. (NYSE:LNC)
Stock Performance: Shares of GNW are up over 1% in after hours trading.