Unum Group Earnings: Profit Decreases
S&P 500 (NYSE:SPY) component Unum Group (NYSE:UNM) reported its results for the first quarter. Unum Group provides group and individual disability products in the United States and provides a portfolio of other insurance products, including longterm care insurance, life insurance and employee-paid group benefits.
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Unum Group Earnings Cheat Sheet for the First Quarter
Results: Net income for Unum Group fell to $213.9 million (73 cents per share) vs. $223.6 million (71 cents per share) a year earlier. This is a decline of 4.3% from the year-earlier quarter.
Revenue: Rose 1.9% to $2.61 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Unum Group fell short of the mean analyst estimate of 76 cents per share. Analysts were expecting revenue of $2.59 billion.
Quoting Management: “The solid performance in our Unum US and Colonial Life operations buffered the weaker than expected results in Unum UK and the Closed Block and allowed us to grow operating earnings per share by 4.3 percent. I am also very encouraged by the top line growth we are seeing in our target markets, with strong sales and stable persistency levels,” said Thomas R. Watjen, president and chief executive officer.
Revenue has risen for the last four quarters. Revenue increased 0.5% to $2.6 billion in the fourth quarter of the last fiscal year. The figure rose 0.7% in the third quarter of the last fiscal year from the year earlier and climbed 2.1% in the second quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 78 cents versus a mean estimate of net income of 75 cents per share.
Looking Forward: The average estimate for the second quarter is steady at 78 cents a share. At $3.15 per share, the average estimate for the fiscal year has fallen from $3.17 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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