Genworth Financial, Inc. (GNW) reported that its second-quarter income from continuing operations decreased to $175 million from $224 million, a year ago. Earnings per share from continuing operations was $0.24 compared to $0.34.
The company reported a second-quarter net loss of $193 million, or $0.39 per share, compared to net income of $176 million, or $0.35 per share, in the second quarter of 2014. The net loss in the quarter includes an after-tax loss of $306 million, or $0.61 per share, related to the planned sale of the lifestyle protection insurance business. Net operating income for the second quarter of 2015 was $119 million, or $0.24 per share.
On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.26 for the quarter. Analysts' estimates typically exclude special items.
Revenue decreased to $2.16 billion from $2.19 billion last year. Analysts expected revenue of $2.39 billion for the quarter.
Genworth Financial said, as of June 30, 2015, the company believes its U.S. mortgage insurance business would be compliant with the PMIERs capital requirements when including a series of transactions that have been executed to generate approximately $500 million of additional PMIERs capital credit and the completion of a planned internal restructuring. The company said it will look to execute future capital transactions over the remainder of the year that provide a prudent level of financial flexibility in excess of the PMIERs capital requirements.
For comments and feedback contact: editorial@rttnews.com
Business News