Hartford Financial Services Group Inc. Earnings: Quarter Lacks Gusto
S&P 500 (NYSE:SPY) component Hartford Financial Services Group Inc. (NYSE:HIG) reported its results for the fourth quarter. Hartford Financial Services Group provides investment products and insurance products in the United States.
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Hartford Financial Services Group Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for the property and casualty insurance company fell to $127 million (24 cents per share) vs. $619 million ($1.24 per share) a year earlier. This is a decline of 79.5% from the year earlier quarter.
Actual vs. Wall St. Expectations: Hartford Financial Services Group Inc. reported adjusted net income of 69 cents per share. By that measure, the company beat the mean estimate of 59 cents per share.
Quoting Management: “The Hartford made good progress in the fourth quarter,” said The Hartford’s Chairman, President and CEO Liam E. McGee. “P&C Commercial pricing continued to firm and margins improved across the board, including a 7% rate increase in Middle Market. Margins are also expanding in Consumer Markets as we shift to a more preferred book of business. Wealth Management is focused on increasing returns and managing risk in this low-rate environment.”
The company beat estimates last quarter after falling short in the previous two quarters. In the third quarter, it missed the mark by 18 cents, and in the second quarter, it fell short by one cent.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the first quarter of the next fiscal year is 86 cents per share, down from 93 cents ninety days ago. For the fiscal year, the average estimate has moved down from $2.28 a share to $1.85 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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