Genworth Financial Inc. Earnings: Misses Expectations as Profit Falls
S&P 500 (NYSE:SPY) component Genworth Financial Inc. (NYSE:GNW) reported its results for the first quarter. Genworth Financial provides wealth management, insurance, investment and financial solutions to customers.
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Genworth Financial Earnings Cheat Sheet for the First Quarter
Results: Net income for Genworth Financial Inc. fell to $47 million (9 cents per share) vs. $59 million (12 cents per share) a year earlier. This is a decline of 20.3% from the year-earlier quarter.
Revenue: Revenue was $2.43 billion last quarter.
Actual vs. Wall St. Expectations: Genworth Financial Inc. fell short of the mean analyst estimate of 12 cents per share. It fell short of the average revenue estimate of $2.57 billion.
For two quarters in a row, the company has come in under analyst estimates. In the fourth quarter of the last fiscal year, it missed expectations by one cent with net income of 17 cents versus a mean estimate of net income of 18 cents per share.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the second quarter is 27 cents per share, down from 31 cents ninety days ago. The average estimate for the fiscal year is 97 cents per share, down from $1.29 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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