Genworth Financial, Inc. Earnings: A Swing Down to a Loss, Falling Below Estimates

S&P 500 (NYSE:SPY) component Genworth Financial, Inc. (NYSE:GNW) swung to a loss in the second quarter, missing analysts’ forecast. Genworth Financial Inc. provides wealth management, insurance, investment and financial solutions to customers.

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Genworth Financial Earnings Cheat Sheet for the Second Quarter

Results: Swung to a loss of $96 million (20 cents per diluted share) in the quarter. The life insurance company had net income of $42 million or 8 cents per share in the year earlier quarter.

Revenue: Rose 9.9% to $2.65 billion from the year earlier.

Actual vs. Wall St. Expectations: GNW fell short of the mean analyst estimate of 12 cents per share.

Quoting Management: “Disappointing results in U.S. Mortgage Insurance more than offset continued sound progress in our Retirement and Protection and International businesses this quarter,” said Michael D. Fraizer, chairman and chief executive officer. “In U.S. Mortgage Insurance, despite declines in total and new delinquencies this quarter and prior reserve actions, the troubled U.S. residential real estate environment and loan servicer processing challenges necessitated additional reserve strengthening.”

Key Stats:

The company has now missed analyst estimates for the last four quarters. It fell short by one cent in the first quarter, by 45 cents in the fourth quarter of the last fiscal year, and by 19 cents in the third quarter of the last fiscal year.

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 Insurance Group (NYSE:AIG), Prudential Financial, Inc. (NYSE:PRU), and Lincoln National Corp. (NYSE:LNC).

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(Source: Xignite Financials)